Singapore stocks fall amid regional declines

Losers outpaced gainers 355 to 184 in the broader market, on Nov 21, 2022. ST PHOTO: DESMOND WEE

SINGAPORE - Singapore stocks finished on Monday with a loss of 0.66 per cent, with the Straits Times Index (STI) falling 21.61 points to 3,250.62.

Losers outpaced gainers 355 to 184 in the broader market, after 1.7 billion securities worth $965.4 million changed hands.

This mirrored a downward trend in the Asia-Pacific region, which some analysts attributed to investors’ fears over fresh Covid-19 curbs in China as cases rise.

South Korea’s Kospi fell 1 per cent, Hong Kong’s Hang Seng Index fell 1.9 per cent, the Jakarta Composite Index dropped 0.3 per cent and the Kuala Lumpur Composite Index declined 0.1 per cent.

Japan’s Nikkei 225 bucked the trend, edging up 0.2 per cent at the closing bell on Monday.

“The recent news has been less good from China, where surging Covid-19 cases have wobbled markets just as we were seeing an improvement in sentiment,” said Oanda’s senior market analyst Craig Erlam.

China has seen a surge in infections days after easing some curbs from its strict zero-Covid-19 policy. On Monday, officials in Beijing’s most populated districts closed schools and asked residents to stay home.

“Not only would fresh lockdowns in major cities take a sledgehammer to growth into year end, but it could also complicate any plans that are being put in place to soften the zero-Covid-19 policy next year. We’re back into uncertain territory, which could slow the recovery in stock markets,” said the analyst.

Frasers Logistics & Commercial Trust was the worst performer on the STI, losing 3.5 per cent, or four cents, to close at $1.10.

Singapore’s banking trio was also in the red. OCBC Bank and DBS Group Holdings each lost 0.8 per cent, while UOB fell 0.7 per cent.

The index’s best performer for the day was Jardine Matheson, which rose 1.6 per cent, or 73 US cents, to close at US$46.89. THE BUSINESS TIMES

Join ST's Telegram channel and get the latest breaking news delivered to you.