Singapore shares start week lower, tracking regional decline

SINGAPORE - Shares in Singapore were not spared the red ink inflicted on most regional bourses on July 8.

The Straits Times Index (STI) closed 6.34 points or 0.2 per cent lower at 3,404.47, with seven counters up, 14 down and the remaining of the 30 counters unchanged.

Several regional bourses slid, with the Hang Seng Index being the worst hit as technology and real estate counters drove a 1.6 per cent drop in Hong Kong’s blue-chip gauge.

Ms Yeo Hui Shi, assistant manager of the research and portfolio management team at FSMOne.com, noted that Singapore’s performance largely aligned with the broader Asian market as investors await US Federal Reserve chair Jerome Powell’s testimony before Congress on July 9 and 10.

Data released on July 5, said Ms Yeo, showed that while the US labour market is cooling, it remains strong and could still contribute to inflationary pressures. Employers hired more workers than expected in June, although the number was lower than in May.

“Fed policymakers have emphasised that it will not be appropriate to reduce rates until they gain greater confidence that inflation is moving sustainably towards 2 per cent,” she said.

Decliners beat gainers in the broader market 307 to 267 in Singapore, with 974.52 million securities valued at $951.85 million in total transacted.

Inflight caterer and ground handler Sats was a whisker from its 52-week high at closing price of $2.98, after surging 1 per cent or $0.03.

Singtel was the most active counter with turnover of some 42.4 million shares. The telecommunications company’s share price closed one cent or 0.4 per cent lower at $2.84.

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