S'pore bourse ends lower even as some Asian markets gain ground

Key Asian markets improved yesterday after a bloodletting the day before, although some indexes, including Singapore's Straits Times Index (STI), did not post gains.

The STI was 0.97 per cent or 30.46 points lower at 3,108.89, following Wall Street's tumbling into a bear market overnight, with runaway inflation fuelling expectations of steeper rate hikes by the United States central bank.

The US Federal Reserve is holding its two-day meeting this week, starting yesterday, with the global investing world keenly following developments.

Some Asian markets - including Malaysia, mainland China and Indonesia - finished the day higher.

Mr Tai Hui, Asia chief market strategist at JPMorgan Asset Management, commented in a note: "Asian domestic demand outlook is improving, with more economies reopening their economies and the service sector.

"The current earnings outlook for Asian equities seems too conservative for 2022 and valuation is also attractive once market sentiment improves."

The banking counters on the Singapore bourse closed lower, with DBS and OCBC within 3 per cent and 4 per cent of their 52-week lows, respectively. DBS finished at $29.82, down 0.27 per cent, while OCBC ended at $11.43, or 0.18 per cent lower.

A day after the privatisation of Frasers Hospitality Trust was proposed, the counter inched up one cent or 1.45 per cent, on a trading volume of more than 36.7 million units, to finish at 70 cents - the cash offer price by controlling shareholder Frasers Property.

Gainers trailed losers by 201 to 312 across the broader market, on a turnover of 1.66 billion securities with a total value of $1.34 billion.