S'pore stocks fall for second day as worries still plague markets

Singapore shares fell for the second consecutive trading day yesterday, as worries of the usual suspects - interest rate hikes and inflation - continued to plague markets.

The Straits Times Index (STI) fell 0.1 per cent or 3.03 points to end the day at 3,253.79. Across the broader market, decliners outpaced advancers 264 to 234, after 1.6 billion securities worth about $1.4 billion changed hands.

Across the region, markets were mixed. The Nikkei 225 ended the day largely unchanged, and the Hang Seng Index fell 1.1 per cent. The KLCI was up 1 per cent, the ASX 200 rose 0.6 per cent, and the Kospi advanced 0.2 per cent.

IG market strategist Yeap Jun Rong said regional market sentiment may continue to revolve around the disappointing economic data from China on Monday. "This may not bode well for Singapore's economy, considering that we are dependent on economic activities from China as one of our major trading partners."

He added: "On the technical front, the Singapore index is breaking below a confluence of support at the 3,250 level. Despite recent Wall Street momentum, upside in the STI seems to be stalling lately."

Jardine Matheson Holdings was the biggest advancer on the local bourse, rising 1.1 per cent to end at US$50.67. Another counter from the Jardine group, Jardine Cycle & Carriage, was also among the top gainers, adding 1.2 per cent or 37 cents to close at $30.98.

The trio of local lenders were among the biggest losers yesterday. DBS fell 1.5 per cent to $32.31, UOB was down 1.2 per cent at $26.88, while OCBC shed 0.2 per cent to $12.18.

Sembcorp Marine was the most heavily traded counter by volume for the day, with some 136.5 million shares changing hands. It gained 0.9 per cent to 10.8 cents.

Parkson Retail, Singtel and Oceanus were among the other actively traded counters.