Singapore stocks start week in red; STI down 0.6%

SINGAPORE stocks closed lower on Monday (Mar 25), after official data showed that the country’s headline and core inflation rose more than expected in February.

The Straits Times Index (STI) shed 0.6 per cent or 19.87 points to close at 3,198.10.

Across the broader market, decliners outnumbered advancers 279 to 255, with 1.7 billion securities worth S$1 billion having changed hands.

The biggest gainer on the STI was Yangzijiang Shipbuilding : BS6 0%, which gained 1.1 per cent or S$0.02 to close at S$1.88.

The biggest loser on the index was property developer City Developments : C09 0%, which fell by 1.5 per cent or S$0.09 to close at S$5.82.

Shares of Seatrium : S51 0% were the most actively traded by volume for the day. The counter closed at S$0.078, down S$0.001 or 1.3 per cent, with 741.4 million shares worth S$57.7 million traded.

GET BT IN YOUR INBOX DAILY

Start and end each day with the latest news stories and analyses delivered straight to your inbox.

Sign UpVIEW ALL

Most regional markets were in the red. The Nikkei 225 was down 1.2 per cent, and the Hang Seng Index fell by 0.2 per cent. The Kospi was down by 0.4 per cent while ASX 200 bucked the trend to move up by 0.5 per cent.

Their showing came after the tech-heavy Nasdaq edged to a fresh record while the Dow pulled back at last Friday’s close.

Paul Chew, the head of research at Phillip Securities, said that the market was relieved that the US Federal Reserve was not spooked by higher inflation over the past two months.

He noted that the US central bank chose to keep interest rates unchanged even as it maintained its intention to cut rates three times this year.

“The US economy is just flatlining despite aggressive fiscal spending. Data points such as industrial production, retail sales and purchasing managers’ index are all sluggish,” he added.