BullnBearTrading wrote a post · Aug 17, 2023 10:56

Singapore stocks down at Thursday’s open on dismal export data

Singapore stocks started trading in negative territory on Thursday (Aug 17), following news that July’s non-oil domestic export figures slid 20.2 per cent year on year to mark the 10th straight month of decline.

The decline was steeper than June’s 15.6 per cent contraction and surpassed the median 14.3 per cent drop forecast by economists polled by Bloomberg.

$FTSE Singapore Straits Time Index (.STI.SG)$ shed 20.87 points or 0.7 per cent to 3,192.71. Across the broader market, losers outnumbered gainers 81 to 35 with 58.4 million securities worth S$55.5 million changing hands.

$Seatrium (S51.SG)$ and watch-listed logistics services provider $Eneco Energy - watch list (R14.SG)$ were among the top-traded counters by volume at the open, with their share prices both remaining flat at S$0.134 and S$0.014, respectively.

$MarcoPolo Marine (5LY.SG)$ gained S$0.001 or 1.9 per cent to S$0.053 amid brisk trading, after the marine logistics company announced that its gross profit for the third quarter ended June rose 47.2 per cent year on year to S$14.2 million.

Wall Street equities declined on Wednesday amid a surge in Treasury bond yields to multi-year highs, as analysts warned that Federal Reserve meeting minutes were more hawkish than expected.

$Dow Jones Industrial Average (.DJI.US)$ finished down 0.5 per cent at 34,765.74.

The broad-based $S&P 500 Index (.SPX.US)$ shed 0.8 per cent to 4,404.33, and the tech-rich $Nasdaq Composite Index (.IXIC.US)$ dropped 1.2 per cent to 13,474.63.

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