SINGAPORE - Fears of a deepening slowdown in China following the latest round of weak manufacturing data and bearishness over some banking counters sent Singapore shares slipping below the 3,200 key support on Monday.
The Straits Times Index rose to a day high of 3,216.63, up 14.13 points at the opening bell before slipping below 3,200 shortly after and remained below that support level for most of the trading session on Monday. It closed down 9.71 points at 3,192.79.
Meanwhile, a negative lead from most of Asia, including China, also weighed on Singapore. The Shanghai Composite headed for its lowest level since July 8, falling 1.11 per cent, while Shenzhen dropped 2.7 per cent after a private Chinese factory gauge released yesterday fell to a two-year low in July, while an official index on Saturday slipped to a five-month low.
The Caixin final manufacturing PMI slipped to 47.8 in July, from a preliminary reading of 48.2. The official Purchasing Managers' Index fell to 50 for July, from June's 50.2.
Capping downside on the index yesterday is buying interest from about one-third of the STI constituents, with Noble Group continuing to hog the most actively traded list.
The commodities trader, which last week suffered the worst rout on its stock in six years, rebounded 8 per cent at the opening bell, but wasn't able to sustain the momentum. It closed up 3.3 per cent or 1.5 cents to 47 cents, with 118.5 million shares traded.