Singapore shares trail Wall Street losses, close 0.4% lower

SINGAPORE – Local stocks fell on Tuesday (Jan 31), trailing losses on Wall Street. The Straits Times Index (STI) fell 0.4% to close at 3,365.67.

Losers outnumbered gainers from 297 to 241 after 1.3 billion securities worth S$1.2 billion changed hands.

Stephen Innes, managing partner at SPI Asset Management, said the Fed’s interest rates could rise for an extended period of time, putting pressure on the market.

He said: “With the euphoria of peak inflation waning, US data surprisingly recently turning negative, and the Fed likely to help ease financial conditions, today there is a strong chance that the US and The rest of the world’s stock markets ran out of puffs.”

Despite positive progress in recent months, including the resumption of economic activity in China, reduced recession risk in Europe, and improved inflation in the United States, recession risk in the United States remains a major concern. , Innes said, could pose the most significant risk to the global economic cycle. He said.

Elsewhere in the region, markets were largely in the red. The Hang Seng Index fell 1%, the Nikkei 225 Index fell 0.4%, the Kospi Composite Index fell 1% and the FTSE Bursa Malaysia Index closed 0.9% lower.

In Singapore, STI’s top performer was Yangtze Shipbuilding, which rose 4% to close at S$1.29.

Emperador, meanwhile, was the biggest loser in the index, closing 2% at 49 cents.

The bank trio finished mixedly on Tuesday. DBS rose 0.3% to S$35.79. Meanwhile, UOB fell 0.8% to S$29.83 and OCBC fell 0.5% to S$12.93. business times