Singapore stocks fall as China concerns rattle Asia; STI down 0.5%

THE Straits Times Index (STI) retreated 0.5 per cent or 16.82 points to close at 3,275.07 points on Monday (May 9).

In the wider Singapore market, losers outnumbered gainers 273 to 115, after 1.3 billion shares worth S$1.17 billion changed hands.

“Asian equities are down heavily in the red today as regional markets react to tightening Covid-19 restrictions in China and fears of a prolonged slowdown in the world’s second-largest economy,” said Oanda senior market analyst Jeffrey Halley.

“The picture from Mainland China is grim,” he added. “(Last) Friday’s price action had set Asia up for a soft start (to this week) anyway, but China’s covid-zero restrictions and news of slumping property sales during the holiday week appear to be spilling into a capitulation trade in the equity space across Asia.”

Japan’s Nikkei 225 and South Korea’s Kospi each fell 2.5 per cent, while Hong Kong’s Hang Seng tumbled 3.8 per cent and the FTSE Bursa Malaysia KLCI dropped 1 per cent.

The biggest decliner on Singapore’s blue-chip index was Venture Corporation, which fell 3.4 per cent or S$0.61 to close at S$17.50. After accounting for dividends, however, the counter declined just 0.6 per cent or S$0.11.

The top performer on the STI was ST Engineering, which closed 2.2 per cent or S$0.09 higher at S$4.11.

Singtel was the most heavily traded counter among the constituent stocks, with 34.7 million shares traded. The counter closed up 0.4 per cent or S$0.01 at S$2.75.

Sembcorp Marine was the most active counter in the wider Singapore market, closing flat at S$0.096 after 322.9 million shares changed hands.

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Singapore shares fall at Monday’s open; STI down 0.2%

The trio of local banks all ended lower. DBS lost 0.5 per cent or S$0.17 to close at S$32.90, UOB fell 1.1 per cent or S$0.31 to close at S$29.25 and OCBC dropped 0.5 per cent or S$0.06 to S$11.88.