Singapore stocks end lower amid outflow of institutional funds; STI down 0.5%
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Tay Peck Gek
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SINGAPORE shares closed lower on Tuesday (Apr 26) despite a rebound on Wall Street overnight. The lacklustre performance came as the Singapore Exchange (SGX) reported 4 straight weeks of institutional outflows for the Straits Times Index (STI).
The STI retreated 17.54 points or 0.5 per cent to 3,322.05. IG market strategist Yeap Jun Rong said that the latest fund flow data from the bourse operator revealed the fourth consecutive week of institutional outflows for the blue-chip benchmark. Said Yeap: “On the sector level, the financial sector continues to face distribution for 9 straight weeks.”
The banking trio saw prices fall on Tuesday. OCBC closed 0.7 per cent lower at S$11.91, UOB declined 0.4 per cent to end at S$30.67, while DBS lost 1.1 per cent to finish at S$33.04. Their first-quarter results will be released on Friday (Apr 29), with analysts expecting lower earnings compared to last year as wealth and treasury income are weighed down by investors’ risk-off sentiment amid market volatility.
Only 5 out of the 30 STI constituents managed to close with gains, with 1 unchanged and the rest in the red.
The most active counter by volume was Sembcorp Marine with a turnover of some 543.6 million shares. The counter rose 7.4 per cent or S$0.009 to end at S$0.131.
In the broader market, gainers beat decliners 254 to 212 on a turnover of 1.97 billion securities with a total value of S$1.51 billion.
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Prolonged pandemic lockdowns in Shanghai are causing jitters in mainland China's stock bourses, resulting in the Shanghai Composite Index dropping 1.4 per cent to 2,886.43. Australia’s S&P/ASX 200 also ended lower with a 2.1 per cent drop to 7,317.98. Elsewhere in the region, stocks had a better showing.
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