Singapore stocks on the back foot
Amid a lack of market drivers, a quieter week is expected as many Asian markets close for Chinese New Year holidays
SINGAPORE stocks got off the week on the back foot on Monday, with the local benchmark edging lower amid a lack of market drivers.
The Straits Times Index closed at 3,280.09 on Monday, down 0.03 per cent or 0.94 points, following a session which hinted at active trading among penny stocks, and saw temporary glitches in the Singapore Exchange's website.
Advancers outpaced decliners 202 to 192 on the local bourse, while 12 of the index's 30 stocks finished in the red.
Turnover was unusually high, with 2.48 billion securities changing hands, but trading value totalled just S$838.65 million, suggesting heavy trading among penny stocks.
But punters still expect this week to be a quieter one. "We have one of the quietest trading weeks ahead as many Asian markets close for the Chinese New Year holidays," Singapore-based brokerage KGI Securities said in a note on Monday.
Another analyst predicted that Monday's trading action would taper off over the next few days in the lead-up to Chinese New Year, saying "nobody is keen to build new positions".
Among the most traded counters by volume on Monday were Ntegrator International and AusGroup.
Catalist-listed Ntegrator's counter closed up 66.67 per cent or S$0.006 at S$0.015, with nearly 235 million shares having changed hands, after trading volume surged during the day.
The spike in volume triggered a query from the Singapore Exchange (SGX), although Ntegrator said after the market close that it was unaware of any reason for it.
Shares of AusGroup closed unchanged at S$0.048 on trade volume of over 64 million.
According to the latest SGX market update, AusGroup recorded the largest increase in year-to-date trading turnover compared to last year.
Among the blue chips, Sembcorp Industries' shares finished the day down 1.72 per cent or S$0.04 at S$2.28, after losing as much as 2.8 per cent during the day.
This came after the conglomerate disclosed that it faces S$54 million in fines and civil claims for its Chinese water-treatment joint venture's illegal discharge of wastewater.
Eleven of the unit's executives, including its Singaporean general manager, have also been jailed and individually fined.
Another loser on Monday was Keppel Corporation, which closed down 0.15 per cent or S$0.01 at S$6.83, despite news that its subsidiary had secured contracts worth more than 12 million euros (S$18 million) to supply technology and services to waste-to-energy plants in India.
For full listings of SGX prices, go to https://www2.sgx.com/
