Bulls And Bears

STI ends first trading day of Feb in the red as caution takes hold

It dips 0.2% after Myanmar emergency move, Wall St retreat; iFast the biggest gainer, advancing 15.6% to $6.37; Regional markets generally see positive start to week

Singapore equities ended the first trading day of February in the red as investors remained fairly cautious after a retreat on Wall Street and the declaration of a year-long state of emergency by Myanmar's military.

The benchmark Straits Times Index shed 0.2 per cent to finish the day at 2,896.32. On the broader market, decliners narrowly edged out advancers 239 to 234 after some 2.23 billion securities worth $1.44 billion changed hands.

Yet Axi chief global market strategist Stephen Innes argued that the case for a broad-based global economic recovery remains intact amid the roll-out of Covid-19 vaccines and new fiscal stimulus from the United States.

iFast Corporation was the biggest advancer for the day after its announcement last Saturday that PCCW Solutions - for which the firm is a prime subcontractor - won the tender for Hong Kong's eMPF or electronic Mandatory Provident Fund platform. It ended the day at $6.37, up 15.6 per cent.

Local banks also ended the day in the black. DBS added 0.2 per cent to $25.24; UOB advanced 0.7 per cent to $23.55; and OCBC Bank gained 0.5 per cent to $10.37.

Members of the Jardine group of companies were among the biggest decliners. Jardine Strategic Holdings fell 2.7 per cent to US$25.30, while Jardine Matheson Holdings lost 0.4 per cent to finish at US$57.60. Jardine Cycle & Carriage lost 1.2 per cent to $21.30.

Oceanus was the most heavily traded counter for the day, with some 374 million shares changing hands. The stock closed at 6.2 cents, up 12.7 per cent.

Across the region, markets generally had a positive start to the week. The Nikkei 225 rose 1.6 per cent, the Hang Seng Index added 2.2 per cent, and the Jakarta Composite Index advanced 3.5 per cent.

Join ST's Telegram channel and get the latest breaking news delivered to you.

A version of this article appeared in the print edition of The Straits Times on February 02, 2021, with the headline STI ends first trading day of Feb in the red as caution takes hold. Subscribe