Singapore stocks dip on Wednesday in mixed Asia trading; STI down 0.3%

THE Straits Times Index (STI) extended its losing streak on Wednesday (May 11), dipping 0.3 per cent or 8.12 points to close at 3,226.07 points.

In the wider Singapore market, gainers outnumbered losers 254 to 193, after 1.48 billion shares worth S$1.56 billion changed hands.

Oanda senior market analyst Jeffrey Halley noted that performance was mixed across Asia as China recession fears and US Federal Reserve rate hikes continue to buffet local markets.

“Overall, the picture is one of the markets left to their own devices after an inconclusive US session and a slow headline reel in Asia,” Halley said.

Japan’s Nikkei 225 gained 0.2 per cent, Hong Kong’s Hang Seng closed 1 per cent higher and the FTSE Bursa Malaysia KLCI edged up 0.1 per cent, while South Korea’s Kospi dipped 0.2 per cent.

“Mainland China stocks are leading the way higher today after China's Inflation data showed a still very benign inflation landscape,” Halley said. “In the context of the inflation landscape elsewhere in the world, China is in a very sweet spot at the moment.”

However, he added that there are no signs yet that China has moved away from its deleveraging stance.

The top performer on Singapore’s blue-chip index was DFI Retail Group, formerly known as Dairy Farm International. Reversing from its position as the worst performing STI stock in the previous day, the counter rose 2.7 per cent or US$0.07 to close at US$2.69 on Wednesday.

At the bottom of the table was Mapletree Commercial Trust, which fell 2.2 per cent or S$0.04 to end at S$1.79.

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Singapore stocks extend losing streak; STI tumbles 1.3% on Tuesday

Singtel was the most heavily traded counter among the constituent stocks for the third consecutive day this week. The counter rose 1.1 per cent or S$0.03 to S$2.83 with 60.5 million shares traded.

In the wider Singapore market, Sembcorp Marine was the most actively traded counter, with 115.2 million shares trading hands. The counter closed up 1 per cent or S$0.001 at S$0.097.

The trio of local lenders saw mixed performances. OCBC rose 0.7 per cent or S$0.08 to close at S$11.82, while DBS fell 1.6 per cent or S$0.53 to S$31.92 and UOB lost 1 per cent or S$0.29 to end at S$28.48.