STI closes on softer footing ahead of US earnings season

The Straits Times Index (STI) fell 0.03 per cent to close at 3,180.47 points yesterday, following Wall Street's lead last Friday.

Across the wider market, losers beat gainers 217 to 212, with 976.7 million shares worth $770.8 million changing hands.

Oanda senior market analyst Jeffrey Halley said that Wall Street had unwound some of its gains on Friday as investors lightened positions ahead of heavyweight US earnings this week.

In Singapore, market sentiment may also have been dampened by core inflation figures released yesterday, which rose to 4.4 per cent in June, from 3.6 per cent in May. Headline inflation in June climbed to 6.7 per cent, from 5.6 per cent a month earlier.

Across the region, Japan's Nikkei 225 declined 0.8 per cent, Hong Kong's Hang Seng Index fell 0.2 per cent. On the other hand, South Korea's Kospi rose 0.4 per cent while the Kuala Lumpur composite index climbed 0.2 per cent.

On the STI, the top gainer was CapitaLand Investment, which rose 2.1 per cent to close at $3.93.

Jardine Matheson Holdings was at the bottom, shedding 2.5 per cent to close at US$53.92.

The trio of banks were mixed. UOB gained 0.2 per cent to close at $27.50, OCBC gained 0.2 per cent to close at $11.50 while DBS closed flat at $31.26.

In the wider market, SIA Engineering reported a 15.3 per cent fall in profit after tax to $12.8 million for the quarter ended June 30. The aircraft maintenance company reported revenue for the quarter which increased 36.9 per cent year on year to $171.5 million.

IFast Corporation is bracing itself for a "substantial decline" in profitability for the rest of the year.

For the second quarter of 2022 ended June, iFast - which was one of Singapore's best performing stocks in 2021 - posted a net loss of $2.7 million, reversing from a net profit of $7 million in the corresponding year-ago quarter.