Bulls And Bears

STI closes 0.8% lower, tracking Wall Street losses

  • Key index at 3,074.31; CDL the sole gainer among constituents
  • Decliners trump advancers 319 to 173 in broader market
  • Region mixed: HK and Malaysia down; Japan and S. Korea up

The Straits Times Index (STI) ended 24.49 points, or 0.8 per cent, lower at 3,074.31 amid cautious trading yesterday, tracking losses on Wall Street.

Across the broader market, decliners outnumbered advancers 319 to 173 for the day, with 1.38 billion shares worth $1.02 billion changing hands.

Oanda senior market analyst Jeffrey Halley noted jitters across Asian equity markets on news that China's government intends to break up Alipay, a payment platform owned by Ant Group.

"Typhoons and the Ant Financial break-up story are weighing on China markets today... Buying the dip in China equities in this environment remains akin to catching a very sharp falling knife," he said.

The sole advancer among the STI's constituents was City Developments (CDL), which announced last Friday that it had exited its investment in China-based Sincere Property Group. Shares of CDL closed 5.4 per cent, or 36 cents, higher at $7.03.

At the bottom of the STI's performance table were Yangzijiang Shipbuilding and Frasers Logistics & Commercial Trust (FLCT). Shares of Yangzijiang closed 3.1 per cent, or five cents, lower at $1.56, while FLCT units ended 2.7 per cent, or four cents, down at $1.46.

International Cement Group was one of the most heavily traded counters on Monday. It closed 3 per cent higher at 3.4 cents, after 65.2 million shares changed hands.

The trio of local banks also closed lower yesterday. DBS was down 0.5 per cent at $30.29, OCBC shed 1.1 per cent to close at $11.63, while UOB ended 0.7 per cent lower at $25.57.

Meanwhile, Asian markets were mixed. The Hang Seng Index sank 1.5 per cent to 25,813.81 and the FTSE Bursa Malaysia KLCI Index closed 0.4 per cent lower at 1,570.13. But the Nikkei 225 Index advanced 0.2 per cent to end at 30,447.37 and the Kospi ended up 0.1 per cent at 3,127.86.

A version of this article appeared in the print edition of The Straits Times on September 14, 2021, with the headline 'STI closes 0.8% lower, tracking Wall Street losses'. Subscribe