Singapore stocks slip on Tuesday despite rally across Asia
Singapore stocks slipped lower on Tuesday (Jun 13) even as most regional markets climbed higher following overnight gains on Wall Street.
The benchmark $FTSE Singapore Straits Time Index(.STI.SG$ fell 0.2 per cent or 6.67 points to close at 3,189.40.
“Despite the rally in Wall Street over the past month, the STI has not been gaining much traction, as sellers seem to be taking advantage of any rebound attempts as an opportunity to pare their exposure,” said IG market analyst Yeap Jun Rong.
He noted that SGX $SGX(S68.SG$ fund flow data showed a fourth straight month of net outflows from institutional investors in May. “(The STI’s) value-focused composition may be a reason for the trailing performance with strength in growth sectors taking the bulk of investors’ attention lately,” he said.
Across the broader market, gainers outnumbered losers 286 to 246 after 1.6 billion securities worth S$1.1 billion were traded.
Shares of $SIA(C6L.SG$ continued to be the most actively traded by value, with the counter rising 1.4 per cent to S$7.40 as 14.9 million shares worth S$109.9 million changed hands.
Elsewhere in the region, markets ended higher ahead of the release of US inflation data later on Tuesday. Japan’s Nikkei 225 led the gainers, climbing 1.8 per cent, and closed above the 33,000 mark for the first time since 1990. Other key indices in Hong Kong, South Korea and Australia also rose between 0.2 and 0.6 per cent.
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