Singapore stocks end flat amid mixed regional trading

SINGAPORE – Singapore stocks closed flat on Tuesday amid mixed trading in the region. The benchmark Straits Times Index (STI) dipped 0.01 per cent, or 0.19 points, to 3,373.79.

Singapore Airlines led decliners on the index, after slipping 4.1 per cent, or 31 cents, to $7.22. Other top decliners for the day included Jardine Matheson, which fell 2 per cent, or 98 US cents, to US$48.40, and DFI Retail Group, which was down 1.9 per cent, or five US cents, to US$2.64.

Tuesday’s top index gainer was Hongkong Land, which rose 3.1 per cent, or 11 US cents, to close at US$3.67.

Across the broader market, gainers outnumbered losers 317 to 290 after 1.3 billion securities worth $1 billion changed hands.

UOB shares were the most actively traded by value on Tuesday. The counter rose 0.2 per cent, or six cents, to $30.16, with three million shares worth $90.9 million transacted. Also ending the day in the black were DBS Group Holdings, which rose 0.4 per cent, or 14 cents, to $34.40, and OCBC Bank, which gained 0.2 per cent, or two cents, to $13.32.

Elsewhere in the region, key indices in Hong Kong and Malaysia ended in the red, but stocks in Australia, Japan and South Korea rose between 0.5 per cent and 1.3 per cent following

overnight gains on Wall Street.

IG market analyst Yeap Jun Rong said sentiments were largely in a cautiously optimistic state ahead of more big-tech earnings and the release of a United States job report this week. “As we head into August, seasonality suggests that the month tends to be more subdued in terms of US market performance,” he added.

“With market breadth and sentiment indicators pointing towards overbought conditions, calls are growing that we could see some near-term cooling ahead, although it could still be difficult to overturn the upward trend without a series of growth scares.”

THE BUSINESS TIMES