Singapore shares slightly down as traders take stock of global macro woes

SINGAPORE - The ongoing troubles in Russia, as well as the higher risk of Singapore facing a technical recession in the first half of 2023 on the back of a further

contraction in the city-state’s factory output in May,

forced traders to exercise caution in the local stock market. 

The benchmark Straits Times Index fell about 0.1 per cent, or 1.92 points, to close on Monday at 3,189.68. Decliners beat out advancers 252 to 226, with daily turnover coming in at 1.2 billion securities worth $858 million. 

Other markets in the region mostly closed lower on Monday. The Bursa lost 0.1 per cent, the Hang Seng Index shed 0.5 per cent, and the Nikkei 225 and ASX 200 each fell 0.3 per cent. The Kospi, however, rose 0.5 per cent.

IG market analyst Yeap Jun Rong said in a note that market participants may be keeping an eye on further developments around the

mercenaries’ uprising in Russia.

“The potential risks to watch may be any renewed opposition from the Russian public to (President Vladimir) Putin’s leadership, especially with the Ukraine war being the agenda for the movement, which has not been well-received by the public previously,” he said.

Jardine Matheson Holdings was the top advancer by value on Monday, gaining 1.3 per cent, or 64 US cents, to close at US$51.09.

Yangzijiang Shipbuilding also rose 5.5 per cent, or seven Singapore cents, on heavy trading to close at $1.35. It had announced on Sunday that it had secured a contract for three combination carriers from a repeat customer.

UOB was among the top losers for the day, falling 0.5 per cent, or 13 Singapore cents, to $27.86.

Seatrium was the most heavily traded counter on Monday, with about 133.1 million shares changing hands. The counter closed flat at 12.5 Singapore cents.

Other heavily traded stocks included Genting Singapore, Oceanus and Golden Agri-Resources.

THE BUSINESS TIMES