The Straits Times Index (STI) slid 14.93 points, or 0.59 per cent, to 2,528.64 yesterday, tracking overnight Wall Street losses due to dwindling hopes for a stimulus deal.
Ground handler and in-flight caterer Sats was the top-performing STI stock, riding on Monday's momentum. It gained 1.96 per cent to close at $3.12.
Coming in at the bottom of STI's performance table was transport heavyweight ComfortDelGro, which lost 3.38 per cent to $1.43. This was despite RHB Securities recommending a "buy" on the stock, saying its Singapore rail business should benefit from gradual improvements in public transport ridership as the economy further reopens.
The most heavily traded counter was penny stock Jiutian Chemical, with a trading volume of about 534.7 million, far ahead of second-most active counter Oceanus, which saw 104.4 million changing hands.
Jiutian Chemical closed 1.27 per cent up at eight cents, following an announcement on Monday that it is looking to raise up to about $10.3 million through a placement of up to 170 million new shares at an issue price of 6.03 cents.
Decliners outnumbered gainers 228 to 162, with 1.99 billion securities worth $1.09 billion traded.
Regional bourses were mixed.
Japan's Nikkei 225 Index dropped 0.44 per cent at the closing bell.
Japan Exchange Group dropped 1.51 per cent after reports that the Financial Services Agency would conduct an on-site investigation of the Tokyo Stock Exchange and may issue a business improvement order after a system failure caused a full-day trade suspension earlier this month.
Australia's S&P/ASX 200 slipped 0.72 per cent, while the FTSE Bursa Malaysia Kuala Lumpur Composite Index dropped 0.47 per cent.
In contrast, the Shanghai Composite Index registered a 0.47 per cent gain, recovering from Monday's losses on disappointing economic data.
Hong Kong's Hang Seng Index closed 0.11 per cent higher and South Korea's Kospi was up 0.5 per cent.
Concerns persisted over the next wave of coronavirus cases, as Italy approved the shutting of public squares from 9pm and many regions in Spain tightened curbs as Covid-19 cases spiked.
"The virus numbers are pointing to a second wave globally. This may lead to more severe shutdowns and lower economic activity," said Mr Brad Smoling, managing director of Smoling Stockbroking.
• Additional information from Reuters
