Singapore stocks end lower as investors tread with caution
Uma Devi
LOCAL shares finished the trading day slightly lower as investors cautiously sought out opportunities in the market, with a close watch on developments relating to the US debt ceiling matter, as well as the likely effects of the impending deal.
The Straits Times Index (STI) fell 0.2 per cent or 7.66 points to close on Tuesday (May 30) at 3,187.56. Decliners narrowly outpaced advancers 266 to 256, after 1.2 billion securities worth about S$812 million changed hands.
IG market analyst Yeap Jun Rong noted on Tuesday morning that the STI appears to be trading on a “bearish flag formation”. He said that fund flow data from the Singapore Exchange revealed “muted net institutional inflows” of S$29 million last week compared to net outflows of about S$2.1 billion since Feb 13.
“(The) sharp paring of exposure to the financial sector is a main contributing factor, with the local banks forming a series of lower highs and lower lows since February this year as a reflection of a downward trend,” he said.
iFast was the top advancer on Tuesday, rising 3.4 per cent or S$0.15 to close at S$4.51.
Electric vehicle player Nio was another top gainer, adding 1.6 per cent or US$0.12 to US$7.81. It was recently reported that the company had invested in a startup firm that is developing fusion technologies, and that it was also planning to expand further in Europe.
Jardine Cycle and Carriage was the top decliner, shedding 0.6 per cent or S$0.20 to close at S$32.66 on an ex-dividend basis.
Sats was also one of the biggest losers for the day, falling 4.4 per cent or S$0.12 to S$2.63. The company had on Monday posted a 16.7 per cent year-on-year decline in H2 earnings to S$6 million amid a rise in expenditure and inflationary pressures.
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