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Straits Times Index closes slightly lower after cutting intra-day losses

by Stephanie Irvin
in Real Estate
Straits Times Index closes slightly lower after cutting intra-day losses
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[SINGAPORE] The Singapore blue-chip gauge Straits Times Index (STI) slid almost 0.8 per cent during intra-trading but managed to erase the losses and closed slightly down on Tuesday (Apr 1).

The STI dipped 3.58 points or 0.1 per cent to 3,968.85. This came as Wall Street closed overnight marginally higher after a late-session climb.

SPI Asset Management’s Stephen Innes cautioned that the Wall Street showing was a result of “a classic short covering late-day rescue”, month-end rebalancing flows and blind optimism.

He advised investors not to be fooled as the macro minefield ahead remains firmly intact. The United States is poised to announce reciprocal tariffs on Apr 2 against its trade partners.

Innes said the Trump administration is toying with a “kitchen sink” framework – reciprocal tariffs based on everything from headline deficits and value-added tax asymmetries to foreign exchange misalignment and non-tariff barriers.

“But without a definitive rubric, price discovery becomes guesswork,” he noted.

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Across the broader Singapore market, decliners beat gainers 316 to 202, with trading just exceeding S$2 billion as 1.4 billion securities were transacted.

Real estate group Ho Bee Land shares were down 0.5 per cent or S$0.01 at S$1.81, after it said on Tuesday that its acquisition target Australian property developer AVJennings has accepted a competing binding offer from US private equity fund instead.

AVJennings, which is listed in Singapore and Australia, was unchanged at A$0.58.

Yangzijiang Financial Holding shares slid 3.8 per cent or S$0.03 to S$0.765, after the investment manager placed out treasury shares to raise S$139 million for maritime investments to capitalise on industry tailwinds driven by increasing decarbonisation.

But the US has proposed imposing million-dollar levies on China-built or China-operated vessels as well as liners with orders for Chinese ships calling at American ports.

Copyright SPH Media. All rights reserved.

Tags: ClosesCuttingIndexintradayLossesSlightlyStraitsTimes
Stephanie Irvin

Stephanie Irvin

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US dollar struggles for direction before Trump’s reciprocal tariffs, awaits data

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