Singapore stocks lose grip of early gains; STI slips 0.1% to 3,213.57 points

SINGAPORE stocks failed to hold on to early gains on Monday, with the Straits Times Index slipping 0.1 per cent, or 3.35 points, to close the day at 3,213.57.

The decline in the blue chip-dominated index, however, did not fully reflect a slightly better day for most stocks. Gainers just edged out losers 225 to 214. A total of 2.0 billion shares worth S$1.23 billion changed hands, representing an average turnover of 55.4 Singapore cents per trade.

Singapore Airlines remained a notable drag on the index, coming on the back of a disappointing loss for the quarter ended March. Its shares slipped 1.9 per cent, or 19 Singapore cents, to close at S$9.79 on Monday.

Oil prices rallied on expectations that the Organization of the Petroleum Exporting Countries (Opec) will extend supply cuts at a meeting on Thursday.

Rigbuilders Keppel Corp and Sembcorp Marine rallied, with Keppel adding 1.4 per cent, or nine Singapore cents, to head out at S$6.56 while Sembcorp Marine gained 1.8 per cent, or three Singapore cents, to close at S$1.74.