Bulls And Bears

Singapore shares buck regional sentiment as STI slips 0.37%

Asian bourses largely see gains on hopes of global recovery. Yangzijiang Shipbuilding most actively traded, closing up 4%. DBS is worst performer; other local banks also finish in the red.

Singapore shares ended in negative territory yesterday as Wall Street retreated from all-time highs, taking a pause from their record rally.

The Straits Times Index (STI) closed at 3,195.76 points, down 0.37 per cent, or 11.87 points.

Elsewhere in Asia, however, sentiment mostly remained upbeat on continued optimism for global recovery. With the exception of Hong Kong's Hang Seng Index, which was down 0.91 per cent after an extended weekend holiday, key benchmark indexes in the region ended higher. Japan's Nikkei 225 was up 0.12 per cent, Seoul's Kospi rose 0.33 per cent, while the Kuala Lumpur Composite Index gained 1.37 per cent.

Axi's chief market strategist Stephen Innes said the short-term momentum appears to remain "in favour of the bulls" as investors bet on an economic rebound over the coming months in the light of the robust data in recent weeks.

But even as United States equity indexes remain resilient around recent record highs, there is a possibility of significant consolidation in stocks as the street starts to factor in growth peaking over the next three months, said Mr Innes.

In Singapore, some 1.92 billion securities worth $1.46 billion changed hands. Across the market, advancers outpaced decliners 273 to 208.

Among the STI constituents, Yangzijiang Shipbuilding was the best-performing stock; its shares reversed Tuesday's losses to end 4 per cent, or 5 cents, higher at $1.31. It was once again the most heavily traded counter with over 54.7 million shares changing hands.

The local banks ended the day in the red, with DBS being the worst-performing stock on the blue-chip index. DBS dipped 1.6 per cent, or 47 cents, to $28.83; UOB fell 0.3 per cent, or 7 cents, to $26.01; while OCBC was down 0.3 per cent, or 4 cents, to $11.84.

A version of this article appeared in the print edition of The Straits Times on April 08, 2021, with the headline 'Singapore shares buck regional sentiment as STI slips 0.37%'. Subscribe