Singapore stocks start week with losses as growth fears linger; STI down 0.7%

SINGAPORE shares resumed their decline after breaking a five-day slide last Friday, as did most key regional peers on Monday (Oct 3), following Wall Street’s downward trend.

The Straits Times Index (STI) fell 0.7 per cent or 23.15 points to 3,107.09, with 24 of the 30 counters that make up the benchmark down. But the stable of Jardine counters closed with gains. Jardine Matheson Holdings was up 3.9 per cent at US$52.60, Hongkong Land rose 1.6 per cent to US$4.49, DFI Retail Group ended 0.4 per cent higher at US$2.32, while Jardine Cycle & Carriage climbed 1.6 per cent to S$34.32.

Wilmar International topped the loser chart of STI stocks and hit a 52-week low at S$3.71, as the agribusiness company slid 3.4 per cent or S$0.13.

“There were no signs of relief on Wall Street to end (the rout) last week, coupled with continued weakness in US equity futures this morning, which have contributed to a negative backdrop for Asian stocks,” Yeap Jun Rong, IG market strategist, noted.

PropNex International shares were down by another 4 per cent to a 52-week low of S$1.44, having lost 2.6 per cent last Friday, as the real estate agency became the property play most badly affected by the latest property cooling measures.

The top traded stock was Sembcorp Marine , which logged a turnover of some 107.6 million shares by the time the counter closed flat at S$0.106.

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Singapore stocks fall in early trade on Monday; STI down 0.8%

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Across the broader market, there were 337 losers against 175 gainers, wrapping up the day’s trading on a turnover of 1.09 billion securities worth S$1.01 billion.

South Korean and mainland Chinese markets were closed due to public holidays.