Gold rush drives penny stocks in sector; STI down 0.14%
Performance of regional markets gel with expectations of muted trading, tracking Wall Street's weak finish last week.
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FOLLOWING in the footsteps of Wall Street last Friday, Singapore shares dipped on Monday, with the Straits Times Index (STI) down 3.72 points or 0.14 per cent to 2,575.79. Losers outnumbered gainers 250 to 179, after about 1.45 billion securities worth S$1.05 billion changed hands.
The biggest loser on the index was property developer Hongkong Land, which fell US$0.11 or 2.84 per cent to US$3.77, on market expectations that Hong Kong's new Covid-19 wave could prompt office downsizing in non-core districts and lead to a decline in office rents this year. The stock has been on a losing streak since last Tuesday.
The next biggest loser was ground handling firm Sats, which lost S$0.07 or 2.47 per cent to S$2.77 amid a bleak outlook for the aviation sector. Bloomberg Intelligence on Monday said that its revenue and earnings woes may persist until March 2021.
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