Singapore shares close lower on Thursday as inflation, oil uncertainties stifle markets

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Uma Devi

Published Thu, Jun 2, 2022 · 05:56 PM

Decliners outpaced gainers 222 to 206, after 1.2 billion securities worth a collective S$1 billion changed hands. The Straits Times

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MARKETS in Asia took a hit on Thursday (June 2) as the looming questions about the oil market had a knock-on effect on investor sentiment.

The Opec+ group of oil producers is expected to keep to its policy of modestly increasing production during its meeting on Thursday, just days after the EU agreed to a ban on most Russian oil imports.

Singapore’s Straits Times Index fell 0.5 per cent or 17.28 points on Thursday to close at 3,226.72. Decliners outpaced gainers 222 to 206, after 1.2 billion securities worth a collective S$1 billion changed hands.

It was a similar story across most of the region. The Nikkei 225 fell 0.2 per cent; the Hang Seng and Kospi each slipped 1 per cent, and the ASX 200 shed 0.8 per cent. The KLCI was also down 0.2 per cent.

Stephen Innes of SPI Asset Management said that the “broad range of outcomes from Thursday’s Opec+ meeting is curbing risk-taking across markets”.

“Assuming Opec shakes the trees, the near-term path for bond and equity markets will depend mainly on Opec relaxing quotas within the group to keep a lid on prices,” he said, adding that global equities and so far suggests that investors are not convinced.

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On the Singapore bourse, Nio was the top advancer for the day, rising 3.4 per cent or US$0.60 to US$18.24. Nanofilm Technologies was another notable gainer, rising 4.3 per cent or S$0.11 to S$2.66.

Singapore Exchange (SGX) was also among the biggest advancers for the day, adding 0.3 per cent or S$0.03 to S$9.75. The company had on Wednesday announced that the central depository (CDP) has made a blockchain-enabled bond issuance platform by Marketnode available to market participants.

Jardine Matheson Holdings was the biggest loser on Thursday, declining 3.2 per cent or US$1.88 to US$57.03. Another member of the Jardine Group of companies, Jardine Cycle and Carriage , shed 1.5 per cent or S$0.43 to S$29.00.