It was a lacklustre start to the week with investor attention here less on today's Budget and more on keeping count of the rising number of coronavirus infections and the economic impact of the outbreak.
Singapore's Straits Times Index (STI) opened flat but trended down as the session went on, eventually finishing 7.03 points, or 0.2 per cent, lower at 3,213.00.
Sentiment also dipped following the downgrade of the official economic forecast for this year.
That being said, "financial markets are now expecting some serious deficit spending from the Government to offset the coronavirus slowdown", Oanda Asia-Pacific senior market analyst Jeffrey Halley said.
Elsewhere in the Asia-Pacific, benchmarks were mixed. Australia, Japan, Malaysia, South Korea and Taiwan ended lower, but China and Hong Kong were markedly higher as investors continue to price in more stimulus efforts by Beijing to counter the virus impact.
Trading volume came in at 1.61 billion shares worth $945.6 million, with losers outpacing gainers 205 to 182.
ComfortDelGro was the STI's most active counter. Shares in the transport operator fell 4.1 per cent to $2.09 with 37.4 million traded after it reported on Friday that full-year net profit fell 12.6 per cent due in part to an impairment of $27.3 million for its taxi business.
Thai Beverage was another active index stock, gaining 5.7 per cent to 83 cents with 35.9 million shares changing hands. The firm, the STI's best performer last year, posted a 14 per cent increase in first-quarter net profit to 8.4 billion baht (S$374 million) on Friday, up from 7.4 billion baht a year earlier.
The better-than-expected performance triggered some brokerages like Phillip Securities and RHB Securities to upgrade their calls on the brewer. "Not only has spirit volumes been healthy, but customers are purchasing the more premium and higher-margin brown spirits. Beer disappointed but we expect a rebound in volumes after the negative episode," Phillip Securities research head Paul Chew noted.
Among property trusts, Far East Hospitality Trust was unchanged at 66 cents. Maybank Kim Eng downgraded the trust to "hold" and lowered its price target to 70 cents due to the impact of the coronavirus on the hospitality sector.
Rex International jumped 17 per cent to 20 cents after trading resumed at 1pm. The firm announced that subsidiary Masirah Oil had achieved successful oil flow from its Yunma 1 well in Oman.
