Singapore shares open lower on Monday on Wall Street's soft lead

An SGX sign is pictured at Singapore Stock Exchange.
An SGX sign is pictured at Singapore Stock Exchange. PHOTO: REUTERS

SINGAPORE - SHARES in the Singapore bourse opened with the key Straits Times Index down 5.33 points at 3,414.77.

Some 39 million shares worth S$75 million were traded with 107 counters up and 54 down.

Trading sentiments were somewhat be dampened by Wall Street's soft lead as US stocks closed down last Friday with investors continuing to worry about a delay in the much-promised and keenly-awaited bill on US corporate tax cuts.

Notably, the S&P 500 and the Dow Jones Industrial Average ended the week lower for the first time in nine weeks.

Maybank FX Research expects the week ahead to be "intensive" in terms of economic data release and major central bank speaks.

Focus will also be on the US tax reform vote. The recent divergence in tax reform plans between the US House of Representatives and Senate, in particular a delay in the implementation of the corporate tax cut, may pose downside risks on sentiment, Maybank added.