Bulls And Bears

STI ends lower, in line with most Asian markets

* City Developments falls 2.18% amid recent director departures * Shanghai, South Korea bourses slip but Hong Kong gains * Jardine Cycle & Carriage is top performer, gaining 5.87%

The Straits Times Index reversed its gains of last week and closed in negative territory yesterday, slipping 9.29 points, or 0.31 per cent, to end at 2,983.90.

Among its constituents, Jardine Cycle & Carriage was the day's top gainer, rising 5.87 per cent to $22.

Keppel Corp also made gains, rising 0.18 per cent to $5.64. It said last Friday that associate Floatel had reached a deal with lenders of its revolving credit facilities and bank vessel facility to deliver a full discharge of security over assets owned by some of the group's entities.

Separately, City Developments closed 2.18 per cent lower at $7.19 amid recent director departures.

Advancers outnumbered decliners 264 to 244 for the day, with 2.37 billion securities worth $1.58 billion changing hands.

Elsewhere in Asia, most markets also ended the day in the red.

The Shanghai Composite Index closed down 1.08 per cent. According to National Bureau of Statistics data released yesterday, China's producer price index fell 0.4 per cent from a year earlier. The index was expected to fall 0.8 per cent, according to a Reuters poll. Meanwhile, the consumer price index (CPI) rose 0.2 per cent last month from a year earlier, the bureau said.

UOB economist Ho Woei Chen said in a note yesterday that there is a "possibility for the CPI to dip into the negative again in January and February due to the high base of comparison, before rebounding strongly in the second half of the year to bring the annual CPI to 2.5-3 per cent this year".

Meanwhile, South Korea shed 0.12 per cent, but Hong Kong gained 0.11 per cent yesterday.

A version of this article appeared in the print edition of The Straits Times on January 12, 2021, with the headline 'STI ends lower, in line with most Asian markets'. Print Edition | Subscribe