Singapore stock market improves, but still down 0.97% after Wall Street in bear territory
Tay Peck Gek
ASIAN key markets improved on Tuesday (Jun 14) after a bloodletting the day before, although some indices including Singapore’s Straits Times Index (STI) have yet to post gains.
The key gauge STI was 0.97 per cent or 30.46 points lower at 3,108.89, following Wall Street’s tumbling into a bear market overnight, with runaway inflation fuelling expectations of steeper rate hikes by the United States central bank.
The US central bank is holding its 2-day meeting this week from Tuesday, with the global investing world keenly following.
Some Asian markets including Malaysia, mainland China and Indonesia finished the day higher.
Asia chief market strategist at JP Morgan Asset Management, Tai Hui, commented in a note: “Asian domestic demand outlook is improving, with more economies re-opening their economies and the service sector. The current earnings outlook for Asian equities seems too conservative for 2022 and valuation is also attractive once market sentiment improves.”
The banking counters on Singapore bourse closed lower, with DBS and OCBC within 3 per cent and 4 per cent of their 52-week lows respectively, as DBS finished at S$29.82 (down 0.27 per cent) and OCBC, at S$11.43 (0.18 per cent lower).
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A day after the privatisation of Frasers Hospitality Trust was proposed, the counter inched up S$0.01 or 1.45 per cent on a trading volume of over 36.7 million units to finish at S$0.70 — the cash offer price by controlling shareholder Frasers Property.
Gainers trailed losers 201 to 312 across the broader market, on a turnover of 1.66 billion securities with a total value of S$1.34 billion.
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