Singapore stocks fall amid regional declines; STI down 0.7%

SINGAPORE stocks finished Monday (Nov 21) with a loss of 0.7 per cent, with the Straits Times Index (STI) falling 21.61 points to 3,250.62.

Losers outpaced gainers 355 to 184 in the broader market, after 1.7 billion securities worth S$965.4 million changed hands.

This mirrored a downward trend in the Asia-Pacific region, which some analysts attributed to investors’ fears from fresh Covid-19 restrictions in China as cases rise.

South Korea’s Kospi fell 1 per cent, Hong Kong’s Hang Seng Index fell 1.9 per cent, the Jakarta Composite Index fell 0.3 per cent while the Kuala Lumpur Composite Index fell 0.1 per cent.

Japan’s Nikkei 255 bucked the trend, edging up 0.2 per cent at the closing bell on Monday.

“The recent news has been less good from China, where surging Covid cases have wobbled markets just as we were seeing an improvement in sentiment,” said Oanda’s senior market analyst Craig Erlam.

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China has seen a surge in infections days after easing some restrictions from a strict zero-Covid policy. On Monday, officials in Beijing’s most populated districts closed schools and asked residents to stay home.

“Not only would fresh lockdowns in major cities take a sledgehammer to growth into year-end, but it could also complicate any plans that are being put in place to soften the zero-Covid policy next year. We’re back into uncertain territory, which could slow the recovery in stock markets,” Erlam said.

Frasers Logistics & Commercial Trust : BUOU 0% was the worst performer on the STI, losing 3.5 per cent or S$0.04 to close at S$1.10.

Singapore’s banking trio was also in the red. OCBC : O39 0% and DBS : D05 0% each lost 0.8 per cent, while UOB : U11 0% fell 0.7 per cent.

The index’s best performer for the day was Jardine Matheson : J36 0%, which climbed 1.6 per cent or US$0.73 to close at US$46.89.