Singapore Shares Open Lower on Mixed Blue-Chip Performance Amid Continued Middle East Unrest

MT Newswires07-06

Singapore shares opened lower on Monday, with the benchmark Straits Times Index (STI) slipping in early trade as investors assessed mixed performances among blue-chip stocks.

The STI, a key benchmark for the Singapore Exchange, fell marginally in early trade by 0.08%, or 4.31 points, to open at 5,239.980.

The lackluster performance was a result of the continued unrest in the Middle East, after Israeli drone strikes killed two people in Gaza, despite US-brokered ceasefire agreements.

Market breadth remained positive, with 106 gainers outnumbering 77 losers after 60.67 million securities, valued at SG$75.79 million, changed hands.

In other news, oil prices edged lower on Monday after the OPEC+ agreed to raise production targets by 188,000 barrels per day from August, reinforcing expectations of higher global supply. Brent crude slipped 0.33% to $71.88 a barrel, while US West Texas Intermediate fell 0.16% to $68.58.

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