Covid-19 infections weigh on Asian markets, STI down 1.2%

SINGAPORE shares retreated alongside most Asian equity markets on Tuesday following the rise of Covid-19 infections and fresh containment measures in some parts of the region.

The *STI  fell 37.39 points or 1.2 per cent to 3,089.49.

Said IG's market strategist Yeap Jun Rong: "The narrative for Asia markets continues to revolve around further restrictions to curb virus spreads, with backpedalling of travel bubbles in the region impacting travel names."

He added that the region's performance may continue to lag behind its Western counterparts amid uncertainty over virus controls.

With the exception of the Kuala Lumpur Composite Index which gained 0.23 per cent and the Jakarta Composite Index which rose 0.16 per cent, key benchmarks elsewhere in the region ended the day lower.

Hong Kong's Hang Seng index fell 0.94 per cent, Japan's Nikkei 225 dipped 0.81 per cent; Seoul's Kospi fell 0.46 per cent.

On the local bourse, losers outnumbered gainers 284 to 200, after 1.74 billion securities worth S$1.42 billion changed hands.

Just five of the 30 STI constituents ended the day in the black. BUOU was the best-performing with units ending 2.1 per cent or S$0.03 higher at S$1.44.

It was followed by BS6 which was up 0.7 per cent or S$0.01 to S$1.41 and V03 that gained 0.6 per cent or S$0.12 to end the day at S$18.83.

RHB had on Tuesday upgraded its call on Venture Corp to "buy" and raised its target price to S$20.70 from S$19.60 previously. Analyst Jarick Seet said that the counter's recent share price weakness was unwarranted given its favourable fundamentals.

At the bottom of the table was BN4 , which fell 3 per cent or S$0.17 to S$5.43.

G13 was the most heavily traded by volume on the blue-chip index with over 68 million shares changing hands. Its shares ended 2.9 per cent or 2.5 Singapore cents lower at 83 cents.

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