Singapore stocks tumble, tracking US market sell-off; STI down 1.1%

THE Straits Times Index (STI) fell 1.1 per cent or 34.64 points to close at 3,190.71 on Thursday (May 19), following a heavy sell-off overnight across major US indices.

IG market strategist Yeap Jun Rong said that along with the global risk-off mood, an increase in Covid-19 cases in China also dampened hopes of a quick easing of virus restrictions.

“China’s zero-Covid stance is having a knock-on impact on trade activities in the region,” he said.

In addition, he noted that investors appear to be waiting for more concrete policy follow-through from Chinese authorities after Tencent posted its slowest revenue gain of 0.1 per cent, while its earnings slumped 51 per cent year on year.

Across key Asian markets, most were in the red. Japan’s Nikkei 225 fell 1.9 per cent, South Korea’s Kospi declined 1.3 per cent, Hong Kong’s Hang Seng Index tumbled 2.5 per cent, while the Kuala Lumpur Composite Index slipped 0.4 per cent. However, the Jakarta Composite Index rose 0.4 per cent.

In the wider Singapore market, decliners outnumbered advancers 339 to 152, after 1.42 billion securities worth S$1.38 billion changed hands.

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At the top of the table was Thai Beverage : Y92 0%, which rose 1.4 per cent or S$0.01 to close at S$0.71.

The biggest loser was Wilmar International : F34 0%, which shed 2.1 per cent or S$0.09 to S$4.12.

The trio of local banks were also in the red. DBS : D05 0% fell 1 per cent or S$0.31 to S$30.89, UOB : U11 0% lost 1.3 per cent or S$0.38 to S$28.51, while OCBC : O39 0% dropped 1.6 per cent or S$0.19 to S$11.63.