Singapore stock picks[SGX]- THE Straits Times Index (STI) opened lower at 3,361, down 8.95 points
or 0.27 per cent, on Wednesday, weighed down by cautious sentiments as
commodity prices fall and nervousness increased ahead of a Federal
Reserve policy statement.
Oil extended losses from a six-year low with the US government data projected to show crude stockpiles had risen to a fresh record.
Analysts are saying US oil is on the cusp of a bear market, with many
predicting supplies already at their highest level in more than 30
years rose by another 4.4 million barrels.
The Fed may cut a reference to being "patient" on rate rises in its
policy statement, Morgan Stanley and BNP Paribas SA have said, according
to Bloomberg.
Closer to home, unemployment in South Korea has hit a 12-month high,
while a jump in exports helped to trim Japan's trade deficit in February
to its slimmest in nearly two years.
At Singapore Exchange on Wednesday, some 59.6 million shares changed hands as at 9.03am. Losers beat gainers 66 to 54.
Top gainers at the market's opening included Singapore Airlines, DBS and Wing Tai.
Meanwhile, shares of Noble Group were among the top losers, opening
down 2.22 per cent or two Singapore cents to S$0.88 in early-morning
trading.
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