Singapore stocks open lower amid US stimulus doubts; STI down 0.5%

SINGAPORE shares opened lower on Thursday, tracking losses on Wall Street following downbeat comments from lawmakers on the possibility of a new stimulus package.

The benchmark Straits Times Index (STI) lost 13.42 points or 0.5 per cent to 2,542.17 as at 9.30am.

Decliners outnumbered advancers 101 to 86, after 181.2 million securities worth S$176.2 million changed hands.

Among the most heavily traded counters by volume was Sembcorp Marine, which rose 0.7 per cent or S$0.001 to S$0.144, after about 12.5 million shares were traded.

Other active counters include Jiutian Chemical, which edged up 1.6 per cent or S$0.001 to S$0.064, after about 20 million shares changed hands.

Despite stellar third-quarter earnings, Medtecs International fell 1.5 per cent or S$0.01 to S$1.35.

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The trio of local banks slipped in early trade. UOB dropped 0.7 per cent or S$0.13 to S$19.57, OCBC declined 0.8 per cent or S$0.07 to S$8.67, while DBS shed 1 per cent or S$0.22 to S$21.10.

US stocks closed lower on Wednesday, following dim stimulus prospects. Treasury Secretary Steven Mnuchin said that a new economic relief bill is unlikely before the November election, "just given where we are and the level of details".

The benchmark Dow Jones Industrial Average dropped 0.6 per cent to 28,514.00, the broad-based S&P 500 lost 0.7 per cent to end at 3,488.67, while the tech-rich Nasdaq Composite Index closed at 11,768.73 after slipping 0.8 per cent.

Elsewhere in Asia, Tokyo stocks opened lower on Thursday. The benchmark Nikkei 225 index was down 0.4 per cent in early trade, while the broader Topix index fell 0.2 per cent to 1,640.22.