Singapore shares open flat on first trading day after Budget 2024; STI down 0.01%

SINGAPORE shares remained relatively unchanged at the opening bell on Monday (Feb 19) morning, the first trading day following Singapore’s Budget announcement on Friday.

Singapore’s Budget 2024 set aside top-ups for cost-of-living support, businesses and housing support for young families. It also included the introduction of a new SkillsFuture programme and Refundable Investment Credit scheme for companies. The latest Budget focused on rolling out the first instalment of the Forward Singapore programme.

The Straits Times Index (STI) edged down a marginal 0.01 per cent or 0.36 point to 3,221.58 as at 9.01 am. Across the broader market, losers outnumbered gainers 64 to 48 after 58.9 million securities worth S$50.2 million changed hands.

Thai Beverage was the most heavily traded counter by volume. It gained 3 per cent or S$0.015 to S$0.515 after 16.1 million securities were transacted.

Other companies that were briskly traded included Seatrium, which rose 2.2 per cent or S$0.002 to S$0.095 with 10.6 million securities moved, as well as Singtel which fell 0.8 per cent or S$0.02 to S$2.36, with 3.1 million securities changing hands.

Banking stocks traded mixed in early morning trade. DBS rose 0.3 per cent or S$0.10 to S$33.97. OCBC declined 0.2 per cent or S$0.02 to S$13.24, and UOB slipped 0.03 per cent or S$0.01 to S$29.18.

Over on Wall Street, stocks retreated on Friday after a bigger-than-expected increase in wholesale prices reduced hopes of the Federal Reserve cutting interest rates soon. The Dow Jones Industrial Average ended 0.4 per cent down at 38,627.99, and the broad-based S&P 500 Index lost 0.5 per cent to 5,005.57. The tech-rich Nasdaq Composite Index dropped 0.8 per cent to 15,775.65.

In Europe, stocks ended on an upbeat note with strong earnings and hopes of imminent rate cuts by the European Central Bank. The pan-European Stoxx 600 index rose 0.6 per cent to 491.59 and hit a fresh two-year high, led by miners, which jumped 2.5 per cent this week and touched a two-week high.