Singapore stocks extend losses on Tuesday; STI down another 1.2%

THE Straits Times Index (STI) fell 1.2 per cent for the second consecutive day, dropping 38.96 points to close at 3,148.86 points on Tuesday.

A spike in oil prices amid Russia-Ukraine tensions also continued to batter other key Asia markets. Japan's Nikkei, South Korea's Kospi, Hong Kong's Hang Seng and the FTSE Bursa Malaysia KLCI fell between 1.1 per cent and 1.7 per cent.

"The third round of peace talks between Ukraine and Russia saw little progress, suggesting that the conflict will be prolonged with no clear resolution in sight," said IG market strategist Yeap Jun Rong.

"The lack of clarity on the economic implications of the conflict may continue to drive market participants to refrain from taking on more risks in the meantime, leading to some wait-and-see," he added.

In the wider Singapore market, losers outnumbered gainers 390 to 164, with 1.93 billion shares worth S$1.95 billion changing hands.

The top performer on the blue-chip index was Jardine Cycle & Carriage (Jardine C&C) C07 , which rose 3.6 per cent or S$0.78 to S$22.77.

At the bottom of the table was Yangzijiang Shipbuilding BS6 , which shed 3.5 per cent or S$0.05 to close at S$1.40. The counter was also the most heavily traded among the STI constituents, with 38.9 million shares traded.

The three local banks were also among the biggest losers. UOB U11 fell 2.9 per cent or S$0.85 to S$28.27, DBS D05 dropped 2.1 per cent or S$0.68 to S$31.23 and OCBC O39 lost 1.4 per cent or S$0.16 to S$11.32.