You are here
Singapore shares slide 0.9% as global growth concerns mount
IT was a sea of red in Asia on Monday as markets faced a broad sell-off fuelled by worrying concerns about the global economic slowdown.
The day's sell-offs in Asia followed those on Wall Street last Friday on the back of disappointing purchasing managers' index figures from the US and Europe which led to an inversion of US three-month and 10-year treasury yield spreads for the first time since 2007.
In Singapore, the Straits Times Index (STI) slipped 29.18 points or 0.9 per cent to close at 3,182.92.
Trading clocked in at 912.44 million securities, about 65 per cent of the daily average over the first two months of 2019. Total turnover came to S$1.02 billion, in line with the January-to-February daily average. Decliners outnumbered advancers 291 to 116.
Keppel Infrastructure Trust was the bourse's most active counter with 74.7 million shares traded. The business trust's units ended the session at S$0.47, down 1.5 Singapore cents or 3.1 per cent.
Twenty-four of the STI's 30 constituents ended the day in the red. Among them, Yangzijiang Shipbuilding was the blue-chip index's most traded. The shipbuilder ended the session at one Singapore cent or 0.7 per cent lower at S$1.50 with 20.6 million shares changing hands.
Going by value of trades done, DBS Group Holdings saw S$143.06 million traded - 14 per cent of the bourse's value of securities traded - across 5.72 million shares. The bank's shares fell S$0.23 or 0.9 per cent to close at S$25.12.
The other local banks also closed lower on the day as cyclical sectors such as financials and tech were among the benchmark index's worst performers. OCBC Bank closed S$0.17 or 1.5 per cent down at S$10.99, while United Overseas Bank shed S$0.25 or 1 per cent to end at S$24.95.
In the technology sphere, Venture Corp slid S$0.56 or 3.1 per cent to close at S$17.45, while Hi-P International finished four Singapore cents or 2.4 per cent down at S$1.63.
Bucking the trend on the day was Sino Grandness, which jumped 1.8 Singapore cents or 41.9 per cent to 6.1 Singapore cents. The Chinese canned vegetable and fruits producer said before market open that it intends to issue 170 million new shares to JW Capital Group at the issue price of S$0.04 per placement share to raise net proceeds of about S$6.8 million. It plans to use the proceeds to repay outstanding sums to Soleado Holdings and strengthen its financial and working capital.
The 170 million shares represent 17.36 per cent of the company's existing issued share capital and approximately 14.79 per cent of its enlarged share capital after the proposed placement.