SINGAPORE shares ended lower on Tuesday (Mar 5), tracking losses on Wall Street.
The benchmark Straits Times Index (STI) was down 0.5 per cent or 15.11 points to 3,107.1.
Across the broader market, losers outnumbered gainers 356 to 194, after 1.4 billion securities worth S$959.6 million were transacted.
Key indices in the region also traded lower on Tuesday. The Nikkei 225 lost 0.03 per cent, the Hang Seng Index fell 2.6 per cent, the Kospi Composite Index was down 0.9 per cent, and the FTSE Bursa Malaysia KLCI declined 0.2 per cent.
Stephen Innes, managing partner of SPI Asset Management, noted that the US market rally stalled ahead of a slew of “potentially market-moving events”. These include US Federal Reserve chair Jerome Powell’s speech on Capitol Hill, as well as the release of US non-farm payroll data.
“Given the persistent inflationary pressures, accommodative financial conditions, steady economic growth, and robust labour market conditions, it is reasonable to expect a more hawkish tone” from Powell, Innes said.
He noted, however, that it is still challenging to envision a substantial departure from the recent guidance provided by other policymakers.
“The pullback underscores a sense of policy caution among investors, who are taking a moment (to) pause,” he added.
On the STI, City Developments Ltd lost 0.9 per cent or S$0.05 to close at S$5.57. The property giant told The Business Times on Monday that it is “currently engaged in discussions on the potential acquisition” of Hilton Paris Opera hotel from asset manager Blackstone.
Meanwhile, UOL was the biggest gainer, rising 0.7 per cent or S$0.04 to S$5.60.
The trio of local banks ended mixed. DBS fell 0.1 per cent or S$0.02 to S$33.40, while UOB and OCBC ended flat at S$28.15 and S$13.00, respectively.
