Singapore Market falls on China's Covid-19 protests

The Singapore stock market finished lower for third straight session on Monday, 28 November 2022, as market sentiment dampened on following the mixed cues from Wall Street on Friday and growing unrest in China amid restrictive COVID-19 curbs with record-high daily Covid-19 cases and the unprecedented COVID restrictions in several cities in the world's second-largest economy.

At closing bell, the Straits Times Index (STI) index was down 4.49 points or 0.14% to 3,240.06 after trading between 3,221.89 and 3,248.69. Volume was 1 billion shares worth S$889.39 million changed hands. There were 234 gainers and 316 decliners.

Of the 30 stocks, the China-focused ones were among the worst performers, with DFI Retail Group falling 2.5% to US$2.37, Hongkong Land moving 2.2% lower at US$3.93, and Yangzijiang Shipbuilding dropping 1.4% to S$1.41. Precision metal components manufacturer Innotek closed up 7.1% to 45 cents.

 

The local banks were lower. DBS lost 0.86% to S$34.45, OCBC Bank added 0.5% to S$12.31, and UOB was up 0.17% to S$30.30.

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