Singapore stocks extend losses, STI down 0.58%

SINGAPORE stocks extended losses on Tuesday (May 24), in line with a regional retreat.

The Straits Times Index (STI) fell 0.58 per cent or 18.61 points to 3,195.04 at the closing bell.

The majority of index constituents ended in the red, with DFI Retail Group at the bottom of the table. The pan-Asian retailer tumbled 2.55 per cent or US$0.07 to end at US$2.68.

Jardine Matheson was the top gainer, climbing 1.58 per cent or US$0.87 to S$55.84.

OCBC fell 1.02 per cent or S$0.12 to S$11.60, DBS ended 0.65 per cent or S$0.20 lower at S$30.50, while UOB ended flat at S$29.22.

Advancers trailed decliners 192 to 280 in the broader market, with 1.63 billion securities worth S$1.39 billion changing hands through the day.

Most other indices in Asia also fell. Hong Kong’s Hang Seng Index closed 1.75 per cent lower, South Korea’s benchmark Kospi slumped 1.57 per cent, Japan’s Nikkei index ended down 0.94 per cent, while Kuala Lumpur Composite Index fell 0.73 per cent.

Jakarta Composite Index bucked the trend, climbing 1.07 per cent.

IG market strategist Yeap Jun Rong said overall sentiments remain “fragile”. Chinese equities may remain in focus, he said, with the authorities announcing another package to help businesses cope with virus restrictions.

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