Singapore stocks extend losses on Tuesday, STI down 0.23%

SINGAPORE stocks ended in the red on Tuesday, with the Straits Times Index (STI) down 6.73 points or 0.23 per cent at 2,977.17, following a choppy and directionless trading session.

This follows Wall Street's decline. US stocks fell on Monday for the first time in five sessions. OCBC Investment Research, in a market commentary on Tuesday, said: "Weighing on the minds of investors are worries that equities are running too hot and valuations are stretched at a time when major parts of the world are grappling with the worst of the Covid-19 pandemic."

Among the STI constituents, Thai Beverage emerged as top performer for the day, climbing S$0.025 or 3.25 per cent to close at S$0.795. Coming in second was CapitaLand, which gained S$0.07 or 2.04 per cent to close at S$3.50. CapitaLand's The Ascott said it has built a four-year straight streak of record growth in property units in 2020, as it boosts recurring fee income through management and franchise contracts.