Market Commentary - Foreign Markets
Singapore Exchange Market closes 0.2% down As on : 29-May-24  17:02

The Singapore share market finished session slightly lower on Wednesday, 29 May 2024, as traders locked in recent profits on hawkish Fed comments and due to heightened tensions concerns that global interest rates will likely stay higher for longer.

At closing bell, the Straits Times Index (STI) index was down 6.89 points, or 0.21% to 3,323.20 after trading between 3,322.92 and 3,333.86. Across the broader market, decliners? outpaced advancers with 311 to 255, with 1.37 billion securities worth S$1.30 billion changed hands.

The biggest gainer on the STI was Yangzijiang Shipbuilding, up 10.55% to S$2.20. Jardine Cycle & Carriage was the worst performer on the STI for the day, down 4.88% to S$1.34.

In economic news, Singapore Producer Price Inflation Accelerates In April- Singapore's producer price inflation accelerated in April amid an increase in both the oil and the non-oil index, data from the Department of Statistics showed on Wednesday. The manufacturing producer price index climbed 3.2% year-on-year in April, faster than March's 2.3% rise. The non-oil index rose 2.8% annually in April, and the oil index showed an increase of 5.4%. Domestic supply prices were 0.1% lower in April than a year ago, following a 2.0% decline in the prior month. On a monthly basis, producer prices increased at a stable rate of 0.3%. The import price index fell at a slower pace of 1.7% over the year, following a 4.0% decrease in the previous month. Data showed that export prices declined 0.5% annually in April, slower than the 2.2% drop a month ago.

Singapore's Domestic Supply Price Index Falls 0.1% YoY in April 2024- In April 2024, Singapore's Domestic Supply Price Index declined by 0.1% year-on-year, marking the fourth consecutive month of decreases, albeit at a slower rate. On a monthly basis, prices rebounded by 1.8% following a 0.4% drop in March.

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