Singapore stocks open lower on Wall Street’s retreat driven by renewed concerns over health of European banks, according to Dow Jones.

STI off 0.8% at 3,013.17 at 9:29 a.m., with support at 3,000. Market breadth marginally negative.

“Investors have quickly forgotten the disbelief and skepticism when the US bank stress tests results were released in May 2009,” says NRA Capital Chairman Kevin Scully, noting latest concerns over outcome of stress tests on European banks have been over-rated.

Scully says outcome of US bank stress test enabled lenders to recapitalise using private-sector resources, led to rally in US financial stocks; “I expect the same will apply to the EU banks as well.” OCBC (O39.SG) leads decline among blue chips, off 2.0% at $8.77, as stock trades ex-dividend.

Genting group of stocks still most active in market, with Genting Singapore (G13.SG), +1.1% at $1.83, Genting Hong Kong (S21.SG) flat at US$0.42.