Singapore shares retreat at Thursday’s open
Singapore stocks slipped in the first few minutes of trade on Thursday (Jan 25), led by declines by real estate investment trusts and other index counters as investors await a slew of earnings in the coming weeks.
$FTSE Singapore Straits Time Index(.STI.SG$ headed down 0.2 per cent or 4.79 points to 3,148.54 as at 9.03 am. Across the broader market, losers outnumbered gainers 67 to 48, after 33.9 million securities worth S$36 million changed hands.
The most active counter by volume was $ThaiBev(Y92.SG$ which held steady at S$0.52 with 3.3 million shares traded.
Other heavily traded securities included $Rex Intl(5WH.SG$ , which lost 1.2 per cent or S$0.002 to S$0.165 in early trade with three million shares changing hands, and $Mapletree Log Tr(M44U.SG$ , which fell 1.2 per cent or S$0.02 to S$1.61 with 2.5 million shares traded.
MLT on Wednesday posted a 1.2 per cent rise in distribution per unit to S$0.02253 for its third quarter ended Dec 31, 2023. Higher contributions from existing properties in Singapore and acquisitions in overseas markets clashed with slight increases in property expenses, weaker regional currencies and high borrowing costs.
Other active index counters included $Mapletree Ind Tr(ME8U.SG$ , which lost 1.2 per cent or S$0.03 to S$2.44, and $CapLand Ascendas REIT(A17U.SG$ , which was down 1 per cent or S$0.03 to S$2.94.
Global stock markets rallied overnight, led by gains from the technology sector.
Wall Street’s $S&P 500 Index(.SPX.US$ reached a record high at open, supported by $Netflix(NFLX.US$ after the streaming giant beat expectations for subscriber growth. Chip stocks also jumped following strong earnings from ASML.
The index later closed the trading day 0.1 per cent higher at 4,868.55. $Dow Jones Industrial Average(.DJI.US$ , meanwhile, lost 0.3 per cent to 37,806.39, while the tech-rich $Nasdaq Composite Index(.IXIC.US$ added 0.4 per cent to 15,481.92.
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