Singapore stocks fall on Wednesday, tracking Asia decline; STI down 0.8%

SINGAPORE shares lost ground on Wednesday (Dec 7), mirroring a broader decline in Asian markets and overnight losses on Wall Street.

The benchmark Straits Times Index (STI) fell 0.8 per cent or 26.92 points to close at 3,225.45.

Elsewhere in the region, key indices in Japan, Shanghai, South Korea and Australia lost between 0.4 per cent and 0.8 per cent. 

Meanwhile, the Hang Seng Index in Hong Kong tumbled 3.2 per cent, leading losses in Asia, after disappointing trade data in China overshadowed earlier reopening optimism. 

UOB Global Economics and Market Research Team noted that the continuous expansion trend in China’s exports since mid-2020 ended in the third quarter of 2022. 

“As the US and EU economies are expected to head into recession next year, the outlook for external demand will become more challenging,” they said, adding that investors will be hoping for stronger signals from policymakers on restoring confidence in the real estate market, and the easing of Covid-19 curbs.

On the local bourse, most of the STI constituents – including all the local banks and real estate investment trusts (Reits) – ended the day in the red. 

Shares of CapitaLand Investment finished at the bottom of the index performance table, slipping 3.8 per cent to close at S$3.54.

Just four of the 30 STI constituents closed the day in positive territory. Hongkong Land was the top performer on Wednesday, with its shares rising 2.6 per cent to close at US$4.31.

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Across the broader market, decliners outnumbered gainers 319 to 227, after 1.5 billion securities worth S$1.1 billion were traded.

Sembcorp Marine was the most active counter by volume. Its shares fell 2.1 per cent to close at S$0.142, after 104.3 million shares worth S$14.8 million changed hands.