Singapore shares begin week with meagre gains as traders tread cautiously
Uma Devi
LOCAL stocks booked only a paltry advance for the first trading day of the week, as traders digested the slew of macroeconomic data and central-bank announcements around the world last week.
The Straits Times Index ended Monday (Feb 6) flat, inching up just 0.1 per cent or 1.64 points to end at 3,385.93. Across the broader market, decliners outpaced advancers 328 to 248. Daily turnover for the bourse came in at roughly 1.3 billion securities worth a collective S$990.6 million.
It was a mixed bag of results across the region. The Hang Seng Index shed 2 per cent and the Kospi lost 1.7 per cent. The Nikkei 225 advanced 0.7 per cent.
Stephen Innes, managing partner at SPI Asset Management, noted that lower yields have been a “significant driver” of stock market sentiment in Asia.
“Investors are trying to work out calculus around a Fed that is being given room to keep rates higher for longer,” he said, adding that markets still “appear willing to look through the higher-rate environment”.
On the local bourse, iFast Corporation was the top gainer, adding 7.7 per cent or S$0.41 to S$5.71. The company is set to announce its financial results for the fourth fiscal quarter on Feb 14.
DBS and UOB were also among the top advancers for the day. DBS rose 1 per cent or S$0.34 to S$35.84, while UOB added 0.6 per cent or S$0.18 to S$30.34. OCBC closed flat at S$13.00.
Electric-vehicle player Nio was the biggest loser, slipping 5.9 per cent or US$0.69 to US$11.00. Jardine Matheson Holdings was another top decliner, falling 0.5 per cent or US$0.29 to US$53.91.
Sembcorp Marine was the most actively traded stock for the day, with some 62.8 million shares changing hands. The counter closed at S$0.14, up 0.7 per cent or S$0.001.
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Other actively traded counters for the day included Golden Agri-Resources , Marco Polo Marine and Thai Beverage .
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