Singapore stocks end lower as macroeconomic concerns weigh on markets
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The benchmark Straits Times Index fell 0.4 per cent or 12.87 points to 3,309.21.
PHOTO: ST FILE
Yong Jun Yuan
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SINGAPORE - Singapore shares ended lower on June 11 as investors held their breath before the release of US consumer price index data and the Federal Reserve’s meeting this week.
The benchmark Straits Times Index (STI) fell 0.4 per cent, or 12.87 points, to 3,309.21.
Across the broader market, losers beat gainers 332 to 257, with 1.45 billion securities worth $1.14 billion changing hands.
Regional markets were mixed. Japan’s Nikkei 225 rose 0.3 per cent and South Korea’s Kospi gained 0.2 per cent, while Hong Kong’s Hang Seng Index fell 1 per cent.
IG market analyst Yeap Jun Rong said that while Wall Street drifted higher overnight, Asian markets appeared more mixed.
“A stronger US dollar may keep upside in check, while broader appetite for risk-taking is likely to be muted as markets creep up to the upcoming US consumer price index and Federal Reserve meeting, all while the political situation in Europe creates an additional layer of uncertainty,” he said.
On June 9, French President Emmanuel Macron called a snap election after Ms Marine Le Pen’s far-right party made large gains in European Parliament elections.
Still, Mr Yeap noted that Japanese equities remained resilient as investors look to the Bank of Japan’s meeting this week for signs that the central bank will maintain its broadly dovish stance.
On the STI, Jardine Cycle & Carriage was the top performer, rising 1.5 per cent to $27.29.
Meanwhile, CapitaLand Integrated Commercial Trust came in at the bottom of the table, falling 2 per cent to $1.93.
The trio of banks all closed in the red. DBS Bank slipped 0.2 per cent to $35.55, UOB shed 0.5 per cent to $30.57, and OCBC Bank lost 0.3 per cent to $14.19. THE BUSINESS TIMES
