Singapore stocks fall on Tuesday amid mixed regional trading; STI down 0.5%

SINGAPORE shares ended lower on Tuesday (May 9), as regional markets continued to see mixed trading.

The Straits Times Index (STI) lost 0.5 per cent or 14.71 points to close at 3,242.95. Losers outnumbered gainers 315 to 250, after 1.3 billion securities worth S$925.5 million changed hands.

Key indices in the region ended mixed on Tuesday, tracking Monday’s mixed close on Wall Street.

The Hang Seng Index lost 2.1 per cent, the Kospi Composite Index slipped 0.1 per cent, while the FTSE Bursa Malaysia KLCI inched down 0.1 per cent. Meanwhile, the Nikkei 225 gained 1 per cent.

Key equity benchmarks in the US had oscillated between small gains and losses, said Saxo Markets’ Asia-Pacific strategy team in a note.

“Equities wobbled, with the US Consumer Price Index in focus this week to justify the market’s rate cut pricing for the year,” the team said.

Investors were also watching for China’s trade data and advance releases from Chinese banks and central state-owned enterprises, the team noted.

In Singapore, the top gainer on the STI was hospitality player Genting Singapore, which rose 1.8 per cent or S$0.02 to S$1.11.

Meanwhile, the top decliner was Frasers Logistics and Commercial Trust, which lost 2.2 per cent or S$0.03 to S$1.31.

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Venture Corporation also extended its decline and fell 2 per cent to close at S$15.63. Last week, the tech company reported a year-on-year decline in net profits for the first quarter of its 2023 financial year.

As for the trio of local banks, DBS lost 0.8 per cent or S$0.25 to S$31.70, while UOB fell 0.9 per cent or S$0.24 to S$28.17. OCBC closed flat at S$12.25, with the lender due to report its first-quarter results on Wednesday.