Singapore shares begin week with meagre gains as traders tread cautiously
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The Straits Times Index ended Monday flat, inching up just 0.1 per cent to end at 3,385.93.
PHOTO: BT FILE
Uma Devi
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SINGAPORE -Local stocks booked only a paltry advance for the first trading day of the week, as traders digested the slew of macroeconomic data and central bank announcements around the world last week.
The Straits Times Index ended Monday largely flat, inching up just 0.1 per cent to end at 3,385.93.
Across the broader market, decliners outpaced advancers 328 to 248. Daily turnover for the bourse came in at roughly 1.3 billion securities worth a collective $990.6 million.
It was a mixed bag of results across the region. The Hang Seng Index shed 2 per cent and the Kospi lost 1.7 per cent. The Nikkei 225 advanced 0.7 per cent.
Mr Stephen Innes, managing partner at SPI Asset Management, noted that lower yields have been a “significant driver” of stock market sentiment in Asia.
“Investors are trying to work out calculus around a US Federal Reserve that is being given room to keep rates higher for longer,” he said, adding that markets still “appear willing to look through the higher-rate environment”.
On the local bourse, iFast Corporation was the top gainer, adding 7.7 per cent to $5.71. The company is set to announce its financial results for the fourth fiscal quarter on Feb 14.
DBS Group Holdings and UOB were also among the top advancers for the day. DBS rose 1 per cent to $35.84, while UOB added 0.6 per cent to $30.34. OCBC Bank closed flat at $13.
Electric vehicle player Nio was the biggest loser, slipping 5.9 per cent to US$11. Jardine Matheson Holdings was another top decliner, falling 0.5 per cent to US$53.91.
Sembcorp Marine was the most actively traded stock for the day, with about 62.8 million shares changing hands. The counter closed at 14 cents, up 0.7 per cent. THE BUSINESS TIMES
