Singapore stocks opened lower on Friday, with the Straits Times Index (STI) falling 33.05 points or 0.58% to 5,627.47 as of 9:13am.
Market breadth was slightly negative, with 101 gainers against 118 decliners. Total trading volume stood at 96.68 million shares, while traded value reached S$187.90 million.
Banking counters came under pressure, with DBS falling 0.72% to S$76.39 and UOB declining to S$41.41. OCBC Bank traded at S$31.05.
Among other major counters, ST Engineering stood at S$10.55, Yangzijiang Shipbuilding traded at S$5.18, AEM was at S$9.15 and City Developments stood at S$8.21.
REITs also opened lower, with CapitaLand Integrated Commercial Trust falling 0.88% to S$2.26. CapitaLand Ascendas REIT traded at S$2.32, Keppel DC REIT at S$2.12 and Mapletree Logistics Trust at S$1.10.
The weaker opening came as investors continued to assess the outlook for interest rates following the US Federal Reserve’s latest rate hike and signals that further tightening could follow.
The Fed raised its benchmark interest rate by 25 basis points to 3.75% to 4.00% on Wednesday, its first increase in more than three years.
