Singapore stocks extend losses amid mixed Asia trading; STI down 0.5%

THE Straits Times Index (STI) retreated further into the red on Wednesday (May 25). Despite rising at the open, it ended down 0.5 per cent or 15.46 points at 3,179.58.

Regional markets were mixed. Stocks in Seoul rebounded, with the Kospi up 0.4 per cent, Hong Kong’s Hang Seng Index also ended up 0.3 per cent, and the Kuala Lumpur Composite Index rising 0.3 per cent. However, in Tokyo, the Nikkei 225 index ended down 0.3 per cent, while the Jakarta Composite Index slipped 0.4 per cent.

Oanda’s senior market analyst Jeffrey Halley said investors in Asia may be focusing on how the overnight moves on Wall Street are being counterbalanced by China equities rising modestly. The Nasdaq suffered another ugly round of selling on Tuesday amid weak earnings and economic data.

IG market strategist Yeap Jun Rong said geopolitical risks and China’s Covid-19 lockdowns remain “elements of uncertainty”, guided as likely to be more severe and prolonged than earlier expected.

Land transport company ComfortDelGro was at the bottom of the table among Singapore’s index constituents, tumbling 2.1 per cent or S$0.03 to end at S$1.42.

Sembcorp Industries was the top gainer, up 0.7 per cent or S$0.02 at S$2.81.

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Among the 3 local banks, UOB ended down 1.3 per cent or S$0.39 at S$28.83, OCBC fell 0.4 per cent or S$0.04 to S$11.56, while DBS ended flat at S$30.50.

The most active counter by volume was CapitaLand Integrated Commercial Trust , which closed 0.9 per cent or S$0.02 lower at S$2.21, with 27.2 million units changing hands.

Gainers trailed losers 204 to 229 in the broader Singapore market, where 1.35 billion securities worth S$1.21 billion changed hands throughout the day.