Singapore stocks slide as growth, inflation concerns mount

The Straits Times Index tumbled 1.04 per cent to 3,102.21 on June 30, 2022. ST PHOTO: FELINE LIM

Local shares were hammered yesterday as sentiment worsened across the region on growth fears amid rising interest rates aimed at curbing inflation.

The Straits Times Index (STI) tumbled 32.66 points or 1.04 per cent to 3,102.21, after an uninspiring overnight performance on Wall Street.

Around 1.13 billion shares worth $1.1 billion were traded with losers thumping gainers 290 to 204.

Investor fears over rising prices were also heightened following new inflation figures out of Spain and Germany.

Equity markets across most of Asia-Pacific wrapped up the final day of the second quarter on a downbeat note.

Japan fell 1.5 per cent on weak industrial data while Taiwan was the biggest loser, losing 2.7 per cent.

Indices in Hong Kong and South Korea also fell but Malaysia bucked the trend, closing up a tad. Australian stocks took a particular belting, falling 2 per cent yesterday to be down 10 per cent for the financial year, which ended yesterday.

China's Shanghai Composite was a standout, adding 1.1 per cent on new data showing activity in China's manufacturing and services sectors in June expanded for the first time in four months, indicating that a consumer-led recovery was gaining traction.

The day's losses here were led by the banking trio DBS, UOB and OCBC, as well as Singtel and Wilmar International.

The Place Holdings said on Wednesday night that it has tied up with Stellar Lifestyle - an arm of SMRT Corp - to tap opportunities in the digital media space with plans to invest $200 million.

Its shares finished 4 per cent higher at 7.8 cents from its last traded price on Friday following a trading halt pending this announcement.

Yanlord Land Group said on Wednesday that it recorded a 100 per cent sell-out at its third batch of apartment launches at Yanlord Arcadia in Shanghai.

Shares of the real estate developer slipped 1.9 per cent to $1.06.

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