Singapore stocks end lower amid mixed regional trading

SINGAPORE - Singapore shares closed lower on March 11 amid a mixed performance across the region.

The benchmark Straits Times Index (STI) fell 0.3 per cent or 8.67 points to close at 3,138.42.

Elsewhere in the region, major indexes in Australia, Japan and South Korea were also in the red, falling between 0.8 per cent and 2.2 per cent. But stocks in Hong Kong, Shanghai and Kuala Lumpur finished in the black, rising between 0.3 per cent and 1.4 per cent.

“The lead-up to the upcoming US consumer price index has seemingly struck a more cautious tone across the region, while risk sentiment took its cue from the downbeat handover from Wall Street last Friday,” said IG market analyst Yeap Jun Rong.

The US inflation report for February will be released on March 12.

Across the broader market on the local bourse, gainers outnumbered losers 292 to 250, after 1.23 billion securities worth $765.6 million were traded.

Shares of City Developments were the top index gainer, rising 3.1 per cent to close at $5.93.

The property developer said on March 8 that it has initiated a share buyback programme, as the counter is trading “significantly below its intrinsic value despite the company’s strong fundamentals”.

Meanwhile, Emperador was the top STI decliner, shedding 3 per cent to 48.5 cents. FTSE Russell announced in February that Emperador will be removed from the STI at the start of trading on March 18, with Frasers Centrepoint Trust (FCT) replacing it.

Units of FCT closed unchanged on March 11 at $2.20, after 2.1 million units worth $4.7 million changed hands. SGX market strategist Geoff Howie noted that FCT is one of 16 stocks on the local market that has booked net inflows from both institutional and retail investors over the past 10 weeks.