Singapore stocks slipped on Tuesday—STI dropped by 0.1%

SINGAPORE: Singapore stocks slipped on Tuesday, July 16, influenced by the mixed performance from the US and European markets.

The cautious sentiment followed an assassination attempt on former US President Donald Trump over the weekend, which left global investors on edge.

The Straits Times Index (STI) dropped by 0.1% or 4.06 points to 3,495.83 shortly after the market opened at 9:01 am, The Business Times reports.

In the broader market, there were more losers than gainers, with 53 stocks declining and 44 making gains after 34.8 million securities were traded, amounting to a total value of S$65 million.

Yangzijiang Shipbuilding was the most active stock by volume, rising by 3.5% or S$0.08 to reach S$2.38. The shipbuilding company saw 3.5 million shares change hands.

This increase followed an announcement on Monday that the company plans to acquire land for a new clean energy ship manufacturing base.

Other heavily traded stocks included Singtel and Marco Polo Marine. Singtel saw a 1% drop or S$0.03 decrease to S$2.98, with 2.9 million shares traded.

Meanwhile, Marco Polo Marine gained 1.6% or S$0.001, trading at S$0.062 with 1.7 million shares exchanged. Banking stocks declined in early trade. DBS Group Holdings fell by 0.3% or S$0.13 to S$37.77.

United Overseas Bank (UOB) remained unchanged at S$32.95, while Oversea-Chinese Banking Corporation (OCBC) declined by 0.6% or S$0.09 to S$15.24.

In the US, the markets were more upbeat despite the unsettling news of the assassination attempt. The Dow Jones Industrial Average reached a record high on Monday, driven by steady bank earnings and comments from the Federal Reserve.

The Dow increased by 0.5%, closing at 40,211.72, marking its highest point since mid-May. The Nasdaq Composite Index climbed 0.4% to 18,472.57, while the S&P 500 rose by 0.3% to 5,631.22.

European markets, however, did not fare as well. They ended lower on Monday, affected by less optimistic updates from the luxury sector and the cautious mood following the Trump incident.

The Stoxx 600 dropped by 1%, ending a three-session winning streak.

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