Singapore stocks opened lower on Friday , mirroring declines in the broader Asian market. The Straits Times Index dropped 0.4%, or 14.78 points, to 3,807.9 by 9:03 am, The Business Times reported.
OKH Global led the trading volume, with nearly 11 million shares exchanged. On Wednesday, the company announced plans to acquire Chip Eng Seng Construction for about S$118.5 million. OKH said the deal could strengthen its business and support future growth. Its shares rose by 7.7%, or S$0.002, to S$0.028.
Asian stocks followed a decline in US markets as investors awaited jobs data that could influence the Federal Reserve’s policy later this month. Shares in Japan and Australia also dropped, reflecting Wall Street’s negative sentiment. European stocks hit their highest level in over a month, boosted by gains in bank shares as investors anticipated a new budget in France following the fall of Prime Minister Michel Barnier’s government.
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