• Investors worried about stretched valuations: Analysis
  • ThaiBev is top performer, Singtel at bottom of index
  • Asian markets mixed: Shanghai and Nikkei gain but Kospi slides

Singapore stocks ended in the red yesterday, with the Straits Times Index (STI) down 6.73 points, or 0.23 per cent, at 2,977.17, following a directionless trading session.

This followed US stocks on Wall Street falling on Monday for the first time in five sessions.

OCBC Investment Research, in a market commentary yesterday, said: “Weighing on the minds of investors are worries that equities are running too hot and valuations are stretched at a time when major parts of the world are grappling with the worst of the Covid-19 pandemic.”

Among the STI constituents, Thai Beverage was the top performer, climbing 2.5 cents, or 3.25 per cent, to close at 79.5 cents.

Next was CapitaLand, which gained seven cents, or 2.04 per cent, to close at $3.50.

CapitaLand’s The Ascott said last year was its fourth straight year of record growth in property units, as it boosts recurring fee income through management and franchise contracts.

Singtel came in at the bottom of the index, closing down five cents, or 2 per cent, at $2.45.

Singapore Airlines also ended lower yesterday, slipping six cents, or 1.4 per cent, to end at $4.24.

On the broader market, advancers outnumbered decliners 274 to 210 for the day, with 2.1 billion securities worth $1.44 billion changing hands.

Across the region, Asian markets ended the day mixed.

The Shanghai Composite Index gained 2.18 per cent to end at 3,608.34, while the Nikkei 225 Index edged up 0.09 per cent to close at 28,164.34. The benchmark Kospi slid 0.71 per cent to 3,125.95.

Oanda senior market analyst Jeffrey Halley said “large fast-money flows” were very much in evidence in China and South Korea yesterday.