Singapore Market extends fall on Middle East tensions

The Singapore stock market finished lower for second straight session on Tuesday, 16 April 2024, as risk aversion selloff triggered on tracking steep declines on Wall Street overnight and fears over tensions in the Middle East. Meanwhile, risk aversion sell-off fueled further after latest economic data signaled a wobbly recovery in the worlds second-largest economy, despite stronger-than-expected GDP data.

At closing bell, the Straits Times Index (STI) index was down 38.85 points, or 1.22% to 3,144.76 after trading between 3,136.44 and 3,179.81. Volume of 2.06 billion shares worth S$1.55 billion changed hands. Across the broader market, decliners outpaced advancers with 424 to 205.

Yangzijiang Shipbuilding was the top constituent gainer for the day, rising 1.69% to S$1.81. DFI Retail Group was the top decliner on the STI for the day, down 4.2% to S$1.83.

Banking stocks ended the day lower, with shares of DBS Group Holdings falling 0.28% to S$35.54, while Oversea-Chinese Banking Corp erased 1.46% at S$13.51. United Overseas Bank was down 1.18% at S$29.22.

In company news, Medi Lifestyles shares fell over 8% after the company proposed branching into the business of trading agricultural commodities to add more revenue streams to achieve long-term growth.

Tritechs shares were down 9% following a proposal to change auditors to Moore Stephens from Ernst & Young, subject to the approval of the company's shareholders.

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