SINGAPORE (THE BUSINESS TIMES) – Singapore stocks closed flat on Tuesday amid mixed trading across regional markets, with the benchmark Straits Times Index (STI) fell 0.01 per cent to close at 3,138.81.
“The Singapore market remains largely muted, potentially as investors adopt a wait-and-see approach ahead of several key events such as the (US Federal Reserve) meeting and big tech earnings,” said IG market strategist Yeap Jun Rong. He noted that there is some strength in travel plays, with sentiments supported by the optimistic tone around potential border reopening.
Singapore Airlines rose 2.2 per cent to close at S$5.11, finishing as the top STI gainer for the second consecutive day. Aviation-related counter SATS was also among the top three performers, rising 1.3 per cent to S$3.99.
Meanwhile, the Singapore Exchange was the top decliner for the day, with its shares falling 1.2 per cent to S$11.76.
Across the broader market, decliners outnumbered gainers 316 to 220 on Tuesday, after 1.84 billion securities worth S$1.20 billion changed hands.
Sembcorp Marine shares saw the heaviest trading volume on Tuesday, with 295.4 million shares worth S$32.4 million changing hands. The counter rose 4.8 per cent to close at 10.9 cents.
Elsewhere in Asia, Mr Yeap observed that the general performance remains mixed.
He said: “Investors are trying to weigh between expectations for outperformance for the upcoming US big tech earnings, along with the weakness in China tech firms closer to home.”
Shares in Hong Kong and China continued to tumble amid fears over regulatory risks.
The Hang Seng Index fell 4.2 per cent, extending Monday’s 4.1 per cent decline, while the tech barometer – Hang Seng Tech Index – plunged 8 per cent. The Shanghai Composite Index also fell 2.5 per cent.
However, other major regional indices in Japan, South Korea and Australia finished higher, with gains of between 0.2 and 0.5 per cent.
