Singapore stocks extend losses; STI falls 0.4%

SINGAPORE shares on Wednesday logged losses for the second day in a row, with the benchmark Straits Times Index (STI) falling 13.67 points or 0.43 per cent to end at 3,153.47.

This was in line with Asian markets, which similarly ended the day in the red.

The Nikkei 225 Index fell 102.76 points or 0.35 per cent to close at 28,860.80; the benchmark Kospi declined 31.65 points or 0.97 per cent to 3,216.18. The Hang Seng Index inched down 38.75 points or 0.13 per cent to 28,742.63.

Jeffrey Halley, senior market analyst for the Asia-Pacific at Oanda, said: "Except for China, regional investors appear to be once again reducing exposure ahead of the inflation data, with most of Asia ever so slightly lower today."

On the local bourse, decliners outnumbered advancers 247 to 238 for the day, with 1.95 billion securities worth S$1.29 billion changing hands.

Among the STI constituents, Singapore Airlines emerged as the top gainer. It advanced 2.45 per cent or S$0.12 to end at S$5.02. Meanwhile, Keppel Corporation slumped to the bottom of the index, falling 1.51 per cent or S$0.08 to S$5.21.

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Counters of industrial real estate investment trusts (Reits) also made gains. Ascendas Reit edged up 1.38 per cent to end at S$2.95. Keppel DC Reit gained 0.78 per cent to close at S$2.60. Mapletree Industrial Trust closed up 0.36 per cent at S$2.79.

In a note on Wednesday, DBS Group Research noted that industrial Reits have continued their stellar growth trajectory for the year thus far.

"With an influx of portfolio deals, industrial Reits have so far announced and completed more than S$6 billion in acquisitions in FY21. As we are still in the first half of the year, we expect to see more deals from the sector," said analysts Dale Lai and Derek Tan.

They added: "With more accretive acquisitions and some organic portfolio growth, we can expect the industrial Reit sector to outperform the other segments in the near-term."