SINGAPORE (THE BUSINESS TIMES) - Singapore stocks retreated on Tuesday (June 22), bucking a regional trend where markets mostly rose, following overnight gains on Wall Street.
The benchmark Straits Times Index (STI) slipped 0.3 per cent or 8.67 points to end at 3,109.20.
In the broader market, gainers outpaced losers 237 to 224 after 1.76 billion shares worth $1.08 billion changed hands.
ST Engineering was the top index gainer. Its shares rose one per cent or $0.04 to close at $3.93.
Finishing last was Venture Corporation, which fell 2.8 per cent or $0.53 to close at $18.20. It was also among the top traded counters by value, with shares worth $78 million changing hands.
In a note on Tuesday, DBS Group Research said that the global chip shortage shows no signs of abating.
It noted that the fortunes of mid-to-downstream players could be mixed, and the shortage could impact companies such as Venture Corp, Valuetronics and Nanofilm.
On the other hand, semiconductor plays such as AEM Holdings, Frencken Group and UMS Holdings are clear beneficiaries from the shortage, it said.
Frencken shares rose $0.02 or 1.2 per cent to $1.71 on Tuesday, while AEM and UMS shares closed unchanged at $3.67 and $1.39 respectively.
Elsewhere in the region, stocks mostly ended the day higher, tracking an overnight rally on Wall Street, as concerns about the pace of expected Federal Reserve monetary tightening eased.
The Nikkei 225 in Japan rose 3.1 per cent, Australia's ASX 200 climbed 1.5 per cent and South Korea's Kospi closed 0.7 per cent higher. However, Hong Kong shares ended the day lower with the Hang Seng Index falling 0.6 per cent.
