Singapore stocks little changed at Friday’s open; STI up 0.04%

SINGAPORE shares opened muted on Friday (Apr 12) morning, following data released on economic growth and the Republic’s central bank standing pat on its monetary policy settings.

To recap, Singapore’s gross domestic product grew 2.7 per cent year on year in the first quarter of 2024, but just 0.1 per cent sequentially, based on advance estimates from the Ministry of Trade and Industry. 

The Monetary Authority of Singapore also left its monetary policy for April unchanged during its review, in line with market expectations. 

As of 9.02 am, the Straits Times Index (STI) had risen 1.15 points or 0.04 per cent to 3,228.76. Across the broader market, gainers outnumbered losers 60 to 39 after 45.2 million securities worth S$51.3 million changed hands. 

Marco Polo Marine : 5LY 0% was the most heavily traded counter by volume. The counter was up 3 per cent or S$0.002 at S$0.068, after 9.9 million securities were transacted. 

Other counters that were briskly traded included Beverly JCG : 9QX 0%, which climbed 8.3 per cent or S$0.001 to S$0.013, after 6.4 million shares changed hands, and King Wan : 554 0%, which rose 7.7 per cent or S$0.002 to S$0.028, after 4.8 million securities were moved.

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Banking stocks were largely flat in early trade, except for DBS : D05 0%, which advanced S$0.15 or 0.4 per cent to S$36.15. OCBC : O39 0% remained unchanged at S$13.86, and UOB : U11 0% traded flat at S$29.50.

Over on Wall Street, tech shares boosted US equities on Thursday, amid mixed US inflation data. The tech-heavy Nasdaq Composite Index advanced 1.7 per cent to 16,442.20, and the broad-based S&P 500 climbed 0.7 per cent to 5,199.06. The Dow Jones Industrial Average closed 0.01 per cent lower at 38,459.08.

In Europe, shares retreated to a one-month low on Thursday, tracking losses from banks that took a hit after the European Central Bank maintained steady interest rates, but indicated imminent cuts. The pan-European Stoxx 600 shed 0.4 per cent to 504.55.