DBS up on Q1 results, dividend announcement; Reits among most actively traded counters fall in early trade
[SINGAPORE] Singapore stocks opened weaker on Thursday (May 8) following the overnight announcement by the US Federal Reserve that it will be holding rates steady.
While Fed chair Jerome Powell noted that the US economy had “continued to expand at a solid pace”, risks of higher inflation and unemployment had risen, which cloud the economic outlook further as the US central bank grapples with the impact of Trump’s tariff policies.
Shortly after the Singapore bourse opened, the Straits Times Index (STI) was trading 0.2 per cent or 6.37 points lower at 3,859. Across the broader market, losers outnumbered gainers 104 to 33 at the open after 80.4 million securities worth S$162 million changed hands.
The trio of local banks were mixed at the open. DBS bucked weakness across blue chips to rise 1.4 per cent or S$0.61 to S$43.37. Pre-market open, DBS announced Q1 profit dipped 2% to S$2.9 billion and declared a quarterly dividend of S$0.75 a share. UOB was up 0.4 per cent or S$0.13 at S$34.62 and OCBC was down 0.1 per cent or S$0.02 at S$16.25.
Notable real estate investment trusts were among the counters traded down in active volume. These include Mapletree Logistics Trust falling 3.5 per cent or S$0.04 to S$1.09, and CapitaLand Integrated Commercial Trust dropping 2.4 per cent or S$0.05 to S$2.05 after 7.7 million securities worth S$15.9 million changed hands.
Mapletree Pan Asia Commercial Trust fell 0.8 per cent or S$0.01 to S$1.19 in the morning.
Among Asia markets, Japan’s Nikkei 225 and the Hang Seng index were up marginally in mid-morning trade at 36,826.83 ad 22,817.75 points respectively.
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