SINGAPORE - Shares in Singapore slipped on Feb 6, tracking losses in the United States.

The benchmark Straits Times Index (STI) fell 0.3 per cent, or 8.61 points, to 3,125.68.

Across the broader market, advancers beat decliners 332 to 255, as 1.3 billion securities worth $1.12 billion were traded.

The decline in STI followed a slide in US stocks overnight, as Treasury yields picked up on concerns over the timing of interest rate cuts in 2024.

This was coupled with the US non-manufacturing purchasing managers’ index (PMI) for January rising to 53.4, beating economists’ expectations of 52.

Saxo’s Asia-Pacific strategy team said in a note: “Hawkish macro narrative got a further push with hot US Institute for Supply Management services PMI and Fedspeak.”

Elsewhere in the region, key indexes were mixed. South Korea’s Kospi Composite Index slid 0.6 per cent, while Japan’s Nikkei 225 shed 0.5 per cent.

Hong Kong’s Hang Seng Index climbed 4 per cent, after China’s securities regulator unveiled plans to curb short-selling. The FTSE Bursa Malaysia Kuala Lumpur Composite Index inched up 0.1 per cent.

At home, the top STI performer was electronics manufacturer Venture Corp, which rose 1.8 per cent, or 24 cents, to $13.91.

CapitaLand Integrated Commercial Trust rose 1 per cent, or two cents, to $1.98, following its results release.

The real estate investment trust on Feb 6 posted a distribution per unit of 5.45 cents for the second half of financial year 2023, up 1.7 per cent from 5.36 cents in the year-ago period.

Meanwhile, the biggest loser on the STI was energy and urban development company Sembcorp Industries, which fell 1.9 per cent, or 11 cents, to $5.56.

The three local banks retreated as well. DBS Bank lost 0.6 per cent, or 20 cents, to $31.65. UOB declined 0.8 per cent, or 22 cents, to $28.17. OCBC Bank edged down 0.2 per cent, or three cents, to $12.78. THE BUSINESS TIMES