Singapore stocks close lower on Monday; STI down 0.2%

SINGAPORE shares fell on Monday (Dec 4), closing the first trading day of the week in the red.

The Straits Times Index (STI) lost 0.2 per cent or 6.23 points to end at 3,084.08. Across the broader market, gainers outnumbered losers 315 to 256, with 881.7 million securities worth S$828.8 million changing hands.

The STI’s top loser was Sembcorp Industries, which fell 6.2 per cent to S$4.88, while the top gainer was Yangzijiang Shipbuilding, which rose 2.8 per cent to S$1.49.

Outside the blue-chip barometer, consumer healthcare company Cordlife Group saw its shares rise 8.1 per cent to S$0.335. This came after the company suffered a 32 per cent plunge in stock price on Friday, following news that the Ministry of Health (MOH) had issued a notice to the cord-blood bank to stop collecting new cord blood and human tissue.

Seven of its storage tanks had been found at different periods of time to be kept above acceptable temperature limits, said MOH.

The three local banks all closed lower on Monday. OCBC slipped 0.2 per cent to S$12.62, UOB shed 0.2 per cent to S$27.25, while DBS lost 0.6 per cent to S$31.70.

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Elsewhere, regional indices mostly also fell. Bursa Malaysia KLCI closed 0.4 per cent lower, the Hang Seng Index dropped 1.1 per cent, while the Nikkei 225 slipped 0.6 per cent. However, the Kospi Composite Index rose 0.4 per cent.

As for the US, SPI Asset Management managing partner Stephen Innes said: “The Federal Reserve is expected to make considerations related to inflation risk management, limiting the aggressiveness of its easing actions.

“Put another way, too many rate cuts are priced in without the corresponding proof in the economic data pudding.”