Singapore stocks buck regional gains to end lower on March 4, STI down 0.4%
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Across the broader market, losers outnumbered gainers 342 to 232 as 1.6 billion securities worth $967.8 million changed hands.
PHOTO: ST FILE
Tan Nai Lun
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SINGAPORE - Shares in Singapore ended lower on March 4, despite gains in the region.
The benchmark Straits Times Index (STI) was down 0.4 per cent, or 13.55 points, to 3,122.21.
Across the broader market, losers outnumbered gainers 342 to 232, after 1.6 billion securities worth $967.8 million changed hands.
Key indexes around the region closed higher on March 4.
Japan’s Nikkei 225 rose 0.5 per cent and South Korea’s Kospi Composite Index gained 1.2 per cent.
Hong Kong’s Hang Seng Index inched up 0.04 per cent while the FTSE Bursa Malaysia KLCI edged up 0.1 per cent.
Mr Stephen Innes, managing partner at SPI Asset Management, said the strong performance of global equity markets last week likely provided favourable trade winds for Asian markets.
The positive sentiment is driven by hopes for United States interest rate cuts, signs of cooling inflation, and a surge in interest surrounding artificial intelligence within the Big Tech sector, he added.
“These factors collectively contribute to the positive tone in global markets, which is expected to bolster Asian markets and inspire confidence among investors as they commence trading for the week,” said Mr Innes.
On the STI, Venture Corp was the biggest gainer, rising 2.1 per cent, or 29 cents, to $14.29.
The biggest decliner was Seatrium, which fell 3.2 per cent, or 0.3 cent, to 9.2 cents.
The trio of local banks ended the day mixed.
DBS Group Holdings fell 0.4 per cent, or 13 cents, to $33.42; UOB lost 0.1 per cent, or four cents, to finish at $28.15; while OCBC Bank inched up 0.1 per cent, or one cent, to $13. THE BUSINESS TIMES
