Singapore stocks close lower; STI down 0.2%

SINGAPORE - Singapore shares fell on Dec 4, ending the first trading day of the week in the red.

The Straits Times Index (STI) lost 0.2 per cent or 6.23 points to close at 3,084.08. Across the broader market, gainers outnumbered losers 315 to 256, with 881.7 million securities worth $828.8 million changing hands.

The STI’s top loser was Sembcorp Industries, which fell 6.2 per cent to $4.88, while the top gainer was Yangzijiang Shipbuilding, which rose 2.8 per cent to $1.49.

Outside the blue-chip barometer, consumer healthcare company Cordlife Group saw its shares rise 8.1 per cent to 33.5 cents. This was after the company suffered a 32 per cent plunge on Dec 1, following news that the Ministry of Health (MOH) had issued a notice to the company to stop collecting new cord blood and human tissue.

Seven of the company’s storage tanks had been found at different periods of time to be kept above acceptable temperature limits, said MOH.

The three local banks all closed lower on Dec 4. OCBC Bank slipped 0.2 per cent to $12.62, UOB shed 0.2 per cent to $27.25, and DBS Bank lost 0.6 per cent to $31.70.

Elsewhere, regional indexes also mostly fell. Bursa Malaysia KLCI closed 0.4 per cent lower, the Hang Seng Index dropped 1.1 per cent, and the Nikkei 225 slipped 0.6 per cent. However, South Korea’s Kospi Composite Index rose 0.4 per cent.

As for the United States, SPI Asset Management managing partner Stephen Innes said: “The Federal Reserve is expected to make considerations related to inflation risk management, limiting the aggressiveness of its easing actions.

“Put another way, too many rate cuts are priced in without the corresponding proof in the economic data pudding.” THE BUSINESS TIMES