Singapore shares dip amid mixed showing in region

Fears of more lockdowns in China and wariness over the impending inflation figure from the US kept regional traders on edge yesterday.

The mood of caution made for a mixed day with the Straits Times Index (STI) taking a minor hit, ending down 0.5 per cent at 3,128.69.

Gainers beat losers 231 to 224 in the broader market, with 1.09 billion shares worth $1 billion changing hands.

Elsewhere, Japan's Nikkei 225 was up 0.5 per cent, rebounding from sharp falls on Tuesday, while the Kospi in South Korea rose 0.5 per cent as the central bank raised interest rates within expectations.

Hong Kong's Hang Seng Index shed 0.2 per cent, Malaysian stocks lost 1 per cent and the Jakarta Composite fell 1.2 per cent.

Australia's ASX 200 gained 0.2 per cent on technology and consumer stocks.

The mixed sessions followed a negative day on Wall Street with all three major indexes falling. Worries about another Covid-19 flare-up in China added to the gloom.

IG market strategist Yeap Jun Rong said some wait-and-see could be playing out as all eyes remained on headline inflation data that was about to be released in the United States overnight. "It seems that markets could go both ways... with potential jitters to be found in the 8.8 per cent headline increase expected, which may mark another 40-year high for prices," he said.

"Thus far, headline consumer prices since February 2021 have been either matching consensus or coming in higher than expected, thus leaving the risks of any upside surprise highly intact."

Jardine Cycle & Carriage was the biggest loser on the STI, falling 2.1 per cent to US$26.60, while Mapletree Logistics Trust topped the table, gaining 2.3 per cent to $1.75.

The euro held just above US$1 in currency markets, a day after hitting parity for the first time since late 2002, with a worsening energy crisis fanning fears that the euro zone will fall into recession.