Singapore shares down 0.5% on Monday amid cautious trading
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Losers outnumbered gainers 350 to 234 in trading on Jan 30, 2023, that saw the STI fall to 3,378.29.
PHOTO: ST FILE
Tan Nai Lun
SINGAPORE - Local stocks ended lower on Monday as markets remain cautious ahead of various key events that are happening this week.
The Straits Times Index (STI) fell 0.5 per cent to close at 3,378.29. Losers outnumbered gainers 350 to 234, after 1.3 billion securities worth $1.6 billion changed hands.
Mr Yeap Jun Rong, market analyst at IG, said investors are likely staying cautious ahead of several key events this week, which includes the release of the United States’ job report and China’s purchasing managers’ index, as well as the upcoming Federal Open Market Committee meeting that decides the next interest rate hike.
He said that still-above-target inflation and easing financial conditions over the past months may lead the US Federal Reserve to refrain from prematurely feeding markets with any hopes of pivoting.
“But equity bulls may attempt to ride on any signs of a more data-dependent stance, to continue their recent bullish momentum,” he added.
The region’s markets ended the day mixed. Hong Kong’s Hang Seng Index fell 2.7 per cent and South Korea’s Kospi ended 1.4 per cent lower. Meanwhile, Japan’s Nikkei 225 rose 0.2 per cent and the FTSE Bursa Malaysia KLCI gained 0.1 per cent.
The top gainer on the STI was Sembcorp Industries, which rose 1.1 per cent to close at $3.58.
Meanwhile, DFI Retail Group was the top decliner on the index, falling 3.6 per cent to US$3.18.
The trio of local banks ended lower on Monday. DBS Bank lost 0.8 per cent to close at $35.68, UOB fell 0.4 per cent to $30.07, while OCBC Bank closed down 0.1 per cent at $12.99. THE BUSINESS TIMES
