Singapore stocks fall despite upbeat Nodx figures

SINGAPORE (THE BUSINESS TIMES) - Local shares fell for the second day in a row despite some positive news on the macroeconomic front. Singapore booked a non-oil domestic exports (Nodx) growth of 12.7 per cent in July, beating economists' expectations.

Coronavirus fears, however, continued to linger among investors.

The Straits Times Index slipped 0.9 per cent to close at 3,118.51. Losers outpaced gainers 369 to 146, after 1.56 billion securities worth $1.37 billion changed hands.

IG market strategist Yeap Jun Rong said that the longer-term outlook for the Singapore market remains intact.

"With 75 per cent of its population being fully vaccinated, the overall economic landscape for Singapore seems positive, with gradual reopening towards the rest of the year driving demand in the services sector, which has been lagging in terms of recovery," he said.

Of the 30 constituent stocks, only two ended in the black. Sats came out tops, rising 0.5 per cent to $4.02, while Ascendas-iTrus gained 0.3 per cent to $3.09.

Across the broader market, technology names were among the biggest losers for the day. iFast was the top decliner, shedding 6.2 per cent to $8.22.

Nanofilm extended its decline, falling a further 10.1 per cent to $3.82. Venture was another decliner, closing 1.7 per cent lower at $19.14.

Banks were also among the biggest losers. UOB lost 1.1 per cent to $26.01, DBS Bank fell 0.7 per cent to $30.47, while OCBC Bank slipped 0.9 per cent to $11.78.

Addvalue Tech was the most heavily traded stock, and the counter's price took a hit after some 96.8 million shares changed hands. The stock ended at 0.9 cent, down 30.8 per cent.

Other heavily traded counters included Yangzijiang Shipbuilding, Sembcorp Marine and Oceanus.

Elsewhere in Asia, markets mostly closed lower. The Nikkei fell 0.4 per cent, the Hang Seng lost 1.7 per cent, and the Kospi shed 0.9 per cent. The KLCI, however, ended the day higher.