Singapore stocks edge lower amid mixed showing in region

SINGAPORE - Shares in Singapore fell on June 4 amid mixed regional performance.

The Straits Times Index (STI) retreated 0.3 per cent or 9.93 points to 3,338.94. Across the broader market, losers outnumbered gainers 281 to 272, with 1.21 billion securities worth $1.17 billion changing hands.

Most indexes in Asia closed lower. South Korea’s Kospi Composite Index lost 0.8 per cent, while Japan’s Nikkei 225 slipped 0.2 per cent.

However, Hong Kong’s Hang Seng Index gained 0.2 per cent, and the Bursa Malaysia Kuala Lumpur Composite Index climbed 1.2 per cent.

Back home, Singapore’s benchmark index was led higher by airport services provider Sats, which rose 2.1 per cent or six cents to $2.90.

The group recently posted a second-half profit of $64.1 million on aviation’s recovery and strong cargo volumes at its subsidiary Worldwide Flight Services. It is aiming for $8 billion in revenue by 2028, said chief executive Kerry Mok.

DBS Group Research analyst Jason Sum on June 4 said the group’s ground-handling and inflight catering business will further benefit from the global rebound in travel, while its non-travel-related food business should also register healthier growth on an expanding product portfolio and increased production capacity.

Meanwhile, ST Engineering came in at the bottom of the index, dropping 2.4 per cent or 10 cents to $4.04.

The three local banks all ended in the red.

DBS Bank fell 0.7 per cent or 24 cents to $35.83, UOB slipped 0.2 per cent or seven cents to $30.81, while OCBC Bank lost 1.1 per cent or 16 cents to $14.39.

THE BUSINESS TIMES