Bulls And Bears

Most STI constituents in the red as index ends lower for the week

STI dips 0.85% yesterday and about 0.44% over the week * Only the 3 Jardine firms and Venture Corp saw gains * City Developments is biggest loser, falling 2.21% to $7.51

Singapore shares declined after a few days of registering gains, with the Straits Times Index (STI) closing 0.85 per cent or 25.62 points down to 2,991.53.

The index dipped by about 0.44 per cent over the week.

Of the STI constituents, only four - the three Jardine companies and Venture Corporation - notched gains. Ascendas real estate investment trust, Genting Singapore and Mapletree Logistics Trust ended flat, with the remaining 23 in the red.

Oanda's senior market analyst Jeffrey Halley said rising property prices have fuelled speculation of new price control measures.

That could weigh on Singapore equities over the next few days, given that most of the STI stocks are banks and property companies.

Losers outnumbered gainers in the broader market at 269 to 229, with 2.93 billion securities worth $1.53 billion changing hands.

The biggest STI decliner was City Developments, which lost 2.21 per cent to wrap up trading at $7.51.

Isetan's (Singapore) shares registered a 9.38 per cent gain to $3.50 when it requested a trading halt at about 3.20pm.

In a regulatory filing after the market closed, it said it is exploring options regarding Wisma Atria, and may appoint property agents and valuers to assist it or start exploratory talks on the matter.

Jiutian Chemical was the most active counter, as it beat Oceanus Group in the last trading hour with 235 million shares traded and its price up 3.7 per cent to 11.2 cents.

Most regional markets declined.

Hong Kong's Hang Seng Index dropped 1.6 per cent, the Shanghai Composite Index was 0.4 per cent lower and Japan's Nikkei 225 fell 0.44 per cent, but the Kuala Lumpur Composite Index inched up 0.12 per cent.

A version of this article appeared in the print edition of The Straits Times on January 23, 2021, with the headline 'Most STI constituents in the red as index ends lower for the week'. Subscribe