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Singapore shares close 0.1% lower on weak lead from Wall Street

SHARES in the local bourse closed lower with the key Straits Times Index (STI) losing 3.81 points or 0.1 per cent to cap the week's trading at 3,420.1 on Friday.

Some 2.2 billion shares worth S$1.3 billion were done with losers trouncing gainers; 236 counters fell while 206 counters rose.

Trading sentiments were partly dented by Wall Street's showing overnight on Thursday - US stocks had ended lower, hit by news that the Republicans' plans for tax reform have been pushed to 2019.

The deep corporate tax cuts promised by US President Donald Trump was long awaited by investors, hence news of a delay in the timing was met with palpable disappointment. Other major Asian indices also came under selling pressure following Wall Street's weak lead.

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"The reaction in markets wasn't a surprise, given that investors have been pricing in a lot of good news; and further pullback may continue for a couple of days or weeks, as many stocks look overbought at the moment," said FXTM chief market strategist Hussein Sayed.

According to the Singapore Exchange's investor education portal My Gateway, the STI has climbed 1.3 per cent over five trading sessions from Nov 3 to Nov 9 to as high as 3,429.21 - a level last seen on May 28, 2015.

Year to date, the index is up nearly 19 per cent.

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