Singapore Market extends losses

The Singapore stock market finished session lower on Wednesday, 01 March 2023, extending yesterday's losses, as risk sentiments dented on tracking soft lead from Wall Street overnight

However, market losses were limited after latest data showed that China's manufacturing activity expanded at the fastest pace in more than a decade in February, confirming that the economic recovery in China gained momentum over the past month after the country relaxed most of its anti-COVID measures in January.

At closing bell, the Straits Times Index (STI) index declined 7.55 points, or 0.23%, to 3,255.08 after trading between 3,255.08 and 3,275.10. Volume was 4.49 billion shares worth S$1.39 billion changed hands. There were 323 gainers and 236 decliners.

The top performing stock in Straits Times Index constituents was Yangzijiang Shipbuilding which rose 2.33% to S$1.32, while the bottom performing stock was SATS - Singapore Airport Terminal Services, falling 5.3% to S$2.68.

Local banks were mixed. United Overseas Bank added 0.03% to S$29.93, while DBS Group Holdings fell 0.5% to S$34 and Oversea-Chinese Banking Corp was down 1.1% at S$12.53.

In corporate news, First Resources' shares gained 6% as profit attributable to the owners surged 53.4% to $197.2 million in the second half of 2022.

Shares of Yanlord Land Group slipped nearly 6%, as its profit attributable to the owners plummeted 92% to 155.6 million yuan in the second half of 2022.

Yangzijiang Financial shares closed 4% higher, even as the company booked a profit attributable to equity holders of SG$25.6 million in the second half of 2022, down from SG$130.7 million a year earlier.

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