Singapore stocks end lower on Tuesday; STI down 0.2%
Uma Devi
LOCAL shares pulled back on Tuesday (Feb 7) as investor sentiment took a hit from the usual suspects – possible interest-rate hikes by the US Federal Reserve, inflation and worsening US-China ties.
The benchmark Straits Times Index fell 0.2 per cent or 5.09 points to end the trading session at 3,380.84. On the wider bourse, gainers outnumbered losers 298 to 235, after some 1.4 billion securities worth S$1.2 billion changed hands.
For now, all eyes are on Fed chairman Jerome Powell’s upcoming speech. IG market strategist Yeap Jun Rong said recent strength in the labour market has opened the door for “more hawkishness”.
“(Powell) sticking to his script at the recent Federal Open Market Committee meeting with not too many surprises could see risk sentiments recover,” said Yeap.
Haw Par Corp was the biggest gainer by value on the Singapore Exchange on Tuesday, rising 2.3 per cent or S$0.23 to S$10.16.
Palm oil player First Resources was also among the top advancers, adding 6.6 per cent or S$0.10 to S$1.62. UOB Kay Hian had upgraded its call on the counter to “buy” from “hold”, citing its recent share price decline as a buying opportunity. The brokerage said it was expecting First Resources to outperform its peers in its fourth fiscal quarter.
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Two of the three local lenders also came in among Tuesday’s top gainers. UOB added 0.7 per cent or S$0.20 to S$30.54, while DBS rose 0.4 per cent or S$0.15 to S$35.99. OCBC inched up 0.2 per cent or S$0.02 to S$13.02.
Jardine Matheson Holdings was the biggest loser for the day, shedding 1.2 per cent or US$0.67 to US$53.24.
Wilmar International was also among the top decliners, falling 1.7 per cent or S$0.07 to S$3.96. The agribusiness player has come under the spotlight on the back of the Adani group rout because of its joint-venture company, Adani Wilmar.
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Shares of UMS fell 9.2 per cent or S$0.12 to S$1.18. Some 39.4 million units changed hands over the course of the day, making the semiconductor company Tuesday’s second-most traded stock behind Sembcorp Marine .
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