STI ends month on weak note, declining 0.45%

Singapore shares opened higher yesterday, tracking Wall Street's gains last Friday. But the blue-chip Straits Times Index (STI) quickly lost steam and drifted lower, ending May's last trading day by shedding 0.45 per cent to 3,164.28.

For the month in which investors espouse "sell in May and go away", the benchmark was 1.68 per cent lower month on month.

Catalist-listed Union Gas rose 8.6 per cent to 95 cents yesterday, with the "unusual price movements" eliciting a query from the Singapore Exchange. The provider of fuel products in Singapore replied that it was not aware of any information not announced that might explain the spike in price.

Sembcorp Marine, with a trading volume of 90.7 million shares, was the most active counter. Shares of the offshore and marine player were flat at 20 cents.

The local banking trio traded lower, with DBS shedding 1.3 per cent to $30.03, OCBC Bank falling 1.1 per cent to $12.36, and UOB declining 0.8 per cent to $26.07.

Monetary Authority of Singapore data yesterday showed that total business loans in Singapore came in near flat at $427.69 billion in April after four straight months of steady growth.

Gainers outpaced losers 265 to 224 in the broader market, with 1.63 billion securities worth $1.2 billion transacted.

Elsewhere in Asia, markets were mixed as the pandemic continued to plague some countries.

Australia's S&P/ASX 200 slid 0.25 per cent, Japan's Nikkei 225 was 1 per cent lower, and the FTSE Bursa Malaysia Kuala Lumpur Composite dropped 0.68 per cent.

The Shanghai Composite Index was 0.41 per cent higher, Hong Kong's Hang Seng Index inched up 0.1 per cent, while South Korea's Kospi closed 0.48 per cent higher.