Singapore stocks start trading week in the red alongside regional peers

LOCAL shares ended the first trading day of the week in the red. Like regional stock markets, the Singapore bourse took a cue from a rise in China's inflation data.

China's March producer price index (PPI) also rose 8.3 per cent year-on-year, official data showed.

In Singapore, the benchmark Straits Times Index fell 0.6 per cent or 19.72 points on Monday (Apr 11) to close at 3,363.56. Daily turnover came in at 1.74 billion securities worth a total of S$1.28 billion. Decliners outpaced advancers 336 to 150.

It was also a sea of red across the region. The KLCI fell 0.2 per cent; the Kospi shed 0.3 per cent, and the Hang Seng Index fell 3 per cent. The Nikkei 225 lost 0.6 per cent, and the SSE Composite Index was down 2.6 per cent.

"It is China's Covid situation that is making Asia nervous," said Oanda senior market analyst Jeffrey Halley.

"With China's government doggedly sticking to its Covid-zero policy, fears are increasing that an extended lockdown in China, which may spread to other major industrial cities will darken an already cloudy outlook for China's growth."

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On the local bourse, watch-listed Ascent Bridge AWG was the biggest gainer, adding 12 per cent or S$0.12 to S$1.12. The company was previously known as AEI Corporation, but in March announced a change of name alongside moves to diversify into the alcoholic beverages business.

Another top advancer was Keppel Corporation BN4 . The stock added 0.8 per cent or S$0.05 to S$6.63.

Jardine Matheson Holdings J36 was the biggest loser, falling 1.1 per cent or US$0.65 to US$56.20.

The trio of lenders were also among the biggest decliners for the day. DBS D05 slipped 0.9 per cent or S$0.32 to S$34.05; UOB U11 shed 0.3 per cent or S$0.08 to S$31.50, while OCBC O39 lost 0.5 per cent or S$0.06 to S$12.14.

Sembcorp Marine S51 was the most heavily traded counter by volume, with some 320.7 million shares changing hands over the day. The stock was up 1.9 per cent or S$0.002 at S$0.106 at Monday's close.