STI down 0.3% as key Apac bourses close in the red

Tay Peck Gek

Published Tue, Apr 18, 2023 · 06:06 PM

Singapore conglomerate Sembcorp Industries is the worst STI performer on Tuesday with a 1.4 per cent decline to S$4.25. PHOTO: BT FILE

SINGAPORE’S Straits Times Index (STI) slid 0.3 per cent or 9.7 points to 3,309.56 points on Tuesday (Apr 18) as most key indices in the Asia-Pacific closed in the red after China released its economic data.

In spite of better-than-expected Chinese economic output data, most of the indices in the region failed to sustain the initial lift from the upside surprise after a closer scrutiny showed that the Chinese economic recovery in the first quarter has been uneven.

Craig Erlam, senior market analyst at Oanda, said of the Chinese data: “The consumer has been doing a lot of the heavy lifting... The fixed asset investment and industrial production figures were less inspiring, both comfortably falling short of expectations and highlighting the challenges facing the economy this year. It’s not just the pandemic that the country is bouncing back from – confidence in the property market has been severely undermined and it will take time to recover.”

The STI constituents were mainly down, with the banking trio among the 12 index counters closing in the red, while another 11 were flat. OCBC closed down 0.8 per cent at S$12.78, UOB declined 0.7 per cent to S$29.85 and DBS slid 0.3 per cent to S$32.75.

Singapore conglomerate Sembcorp Industries was the worst STI performer with a 1.4 per cent decline to S$4.25.

Non-STI counter Keppel Pacific Oak US Reit (Kore) units were 1.4 per cent lower at US$0.365, before the real estate investment trust that is focused on commercial properties in the US released its Q1 business update.

Lawyers seek funder for Credit Suisse AT1 bondholders’ class action

Gainers marginally outnumber losers 56 to 54 after 31.3 million securities worth S$31 million change hands.

Singapore stocks fall at Tuesday’s open; STI down 0.1%

DBS analysts believe that Credit Bureau Asia is the “leading player” in credit risk and information solutions in Asean.

Brokers’ take: DBS initiates coverage on Credit Bureau Asia with ‘hold’; S$1.02 target price

Hong Kong, Shanghai, Sydney, Seoul, Singapore, Wellington, Taipei and Manila markets all dipped but Tokyo and Jakarta markets edged up at midday on Tuesday.

Asia: Markets drop but pare losses after China data

The Federal Reserve last year embarked on an interest-rate hiking campaign that proved deleterious to stocks, bonds, crypto and other asset classes.

ETFs killed off by merciless market at double the rate of last year

Schwab’s customer deposits slid 11 per cent since year-end to US$325.7 billion as of Mar 31.

Schwab leaders say firm can weather storm after deposit drop

The Stoxx 600 index ended flat, still holding near one-year highs, while the blue-chip Stoxx 50 index dipped 0.1 per cent, remaining at levels close to a 22-year peak hit last week.

Europe: Shares snap five-day winning streak as banks, chips fall

The Dow Jones Industrial Average added 0.3 per cent to end at 33,987.18 on Monday..

US: Stocks finish higher after choppy session

Asean Intelligence

Get insights into businesses across South-east Asia

Get the free report

Gainers lost out to decliners 260 to 293 in the broader market on a turnover of one billion securities worth a total of S$833.2 million.

Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.

Reuse this content Feedback

TRENDING NOW

Despite the current sell-off, currency strategists view the ringgit’s slide as temporary.

Singdollar hits 10-month high against ringgit as investors take refuge in traditional safe haven

Apple’s first foldable iPhone, the iPhone Duo, is the company’s thinnest phone but is thicker than folding phones offered by Chinese rivals.

Apple joins foldable phone race with US$1,999 passport-shaped iPhone Duo

DBS says that it will “vigorously resist the claim”.

DBS ‘categorically rejects’ S$1.3 billion claim by 1MDB-linked entities under liquidation

Digital tools have made it easier to spot duplicate financing, but detecting fake invoices remains “notoriously difficult”.

Commodity-finance risks back in focus amid Radiant World scrutiny