STI falls for third straight day on bleak macro data despite oil rebound

THE Straits Times Index (STI) fell 7.67 points or 0.30 per cent to 2,542.37 in a third straight day of losses as punters tread cautiously into the first-quarter earnings season while chewing on bleak macro data, even after oil markets rebounded from a two-decade low.

OCBC Investment Research wrote in a note on Thursday: "Tonight, investors will digest the US Labor Department's latest report on jobless claims. Another 4.3 million workers are expected to have filed for benefits last week, which would bring the total number seeking benefits to over 26 million."

The note continued: "The number of cumulative claims rose to 22.025 million over four weeks prior, erasing nearly all of the 22.442 million jobs recovered since the Great Recession."

About 2.2 billion securities worth S$1.23 billion were traded on Thursday. Losers outnumbered gainers 217 to 190.

Clearbridge Health was the top traded stock, falling S$0.03 or 11.77 per cent to S$0.225 on volume of 295.7 million, reversing its gains of S$0.097 or 61.39 per cent on Wednesday.

ESR Reit was the second most active counter, falling S$0.025 or 6.94 per cent to S$0.335 on volume of 107.5 million after it joined Mapletree Commercial Trust and Frasers Centrepoint Trust in slashing dividends, citing continued uncertainties from the Covid-19 pandemic.

Jardine Cycle & Carriage was the top gainer, rising 3.05 per cent to S$20.96. Jardine Matheson was the top loser, falling 0.95 per cent to US$49.94.

Regional markets were mixed. The Hang Seng rose 0.35 per cent, the KLSE fell 0.02 per cent, the Shanghai Composite fell 0.19 per cent while the Nikkei rose 1.52 per cent.

OCBC Investment Research

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