© Reuters.
SINGAPORE – In today’s early trading session, the Straits Times Index (STI) in Singapore witnessed a decline of 0.4%, landing at 3,112.44 points. Major banks including DBS Group (OTC:) Holdings Ltd., United Overseas Bank (OTC:) Ltd. (UOB), and Oversea-Chinese Banking Corp. (OCBC) saw their shares drop amidst a broader market downtrend where the number of stocks falling outpaced those gaining.
Despite the overall negative sentiment, there were some pockets of resilience. Manulife US Real Estate Investment Trust and Seatrium Limited bucked the trend with share price gains. However, the telecommunications giant Singtel faced challenges as it dealt with leadership changes following an extensive network outage that occurred on November 8. The incident led to the departure of Optus CEO Kelly Bayer (OTC:) Rosmarin, a subsidiary of Singtel.
The market’s movement today comes amid international anticipation for the upcoming Federal Reserve minutes and notable corporate developments such as OpenAI’s board decision to dismiss CEO Sam Altman.
The turnover in the Singapore market was relatively muted with total securities worth S$38.6 million exchanged across 29.7 million shares during the session. Investors are keeping a close watch on these developments, which could signal broader economic trends and influence market directions in the coming days.
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