Singapore stocks post second consecutive day of losses; STI dips 0.1%

SINGAPORE shares fell for the second consecutive trading day on Tuesday (Aug 16), as worries of the usual suspects - interest rate hikes and inflation - continue to plague markets. 

The Straits Times Index (STI) fell 0.1 per cent or 3.03 points to finish the day at 3,253.79. Across the broader market, decliners outpaced advancers 264 to 234, after 1.6 billion securities worth about S$1.4 billion changed hands. 

Across the region, markets were mixed. The Nikkei 225 ended the day largely unchanged, and the Hang Seng Index fell 1.1 per cent. Meanwhile, the KLCI was up 1 per cent, the ASX 200 rose 0.6 per cent, and the Kospi advanced 0.2 per cent. 

IG market strategist Yeap Jun Rong said market sentiment in the region may continue to revolve around the disappointing economic data from China on Monday (Aug 15).

"This may not bode well for Singapore's economy, considering that we are dependent on economic activities from China as one of our major trading partners," he said. 

"On the technical front, the Singapore index is breaking below a confluence of support at the 3,250 level. Despite recent Wall Street momentum, upside in the STI seems to be stalling lately."

Jardine Matheson Holdings was the biggest advancer on the local bourse. The counter rose 1.1 per cent or US$0.54 to finish at US$50.67. 

Another counter from the Jardine group of companies, Jardine Cycle & Carriage, was also among the top gainers, adding 1.2 per cent or S$0.37 to close at S$30.98. 

The trio of local lenders were among the biggest losers on Tuesday. DBS fell 1.5 per cent or S$0.49 to S$32.31, UOB was down 1.2 per cent or S$0.32 at S$26.88, while OCBC shed 0.2 per cent or S$0.02 to S$12.18. 

Sembcorp Marine was the most heavily traded counter by volume for the day, with some 136.5 million shares changing hands. The counter gained 0.9 per cent or S$0.001 to S$0.108. 

Parkson Retail, Singtel and Oceanus were among the other actively traded counters.

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