Singapore stocks extend losses amid regional declines; STI down 0.5%

SINGAPORE shares ended in the red on Tuesday (Oct 3), tracking regional losses.

The Straits Times Index (STI) fell 0.5 per cent or 16.51 points to 3,192.35. Across the broader market, losers outnumbered gainers 364 to 235, with 1.3 billion securities worth S$909.1 million changing hands.

On the STI, the biggest winner was Frasers Logistics & Commercial Trust , which gained 0.9 per cent or S$0.01 to S$1.07. The real estate investment trust on Tuesday announced it will release its results for the full year ended Sep 30 on Nov 2.

Sembcorp Industries was the top loser. The energy company reversed Monday’s gains to fall 4.6 per cent or S$0.24 to S$4.93.

Property developer Hongkong Land was also in the red, with the counter falling 3.6 per cent or US$0.13 to US$3.45.

The trio of local banks mostly retreated. DBS fell 0.2 per cent or S$0.06 to S$33.53, while UOB declined 0.3 per cent or S$0.07 to S$28.27. OCBC closed flat at S$12.80.

Markets in the region were largely lower on Tuesday. Hong Kong’s Hang Seng Index lost 2.7 per cent after returning from a holiday, while Japan’s Nikkei 225 shed 1.6 per cent. FTSE Bursa Malaysia KLCI edged up 0.1 per cent.

The S&P/ASX 200 in Australia lost 1.3 per cent, after the country’s central bank held rates at 4.1 per cent.

Barclays analysts Shreya Sodhani and Rahul Bajoria expect the Reserve Bank of Australia (RBA) to hike rates one more time in November, as it will have another quarterly inflation print and an updated set of forecasts.

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“Given the bank’s data dependency, we think lower services inflation will be key to which way the RBA goes,” they said.

South Korean and Chinese markets continue to be closed for holidays.