Market Commentary - Foreign Markets
Singapore Exchange Market falls 0.3% As on : 04-Jun-24  17:14

The Singapore stock market finished session lower on Tuesday, 04 June 2024, weighed down by market heavyweights and top three lenders. However, market losses capped after manufacturing activity expanding for the ninth consecutive month in May.

At closing bell, the Straits Times Index (STI) index was down 9.93 points, or 0.3% to 3,338.94 after trading between 3,332.88 and 3,349.17. Across the broader market, decliners outpaced advancers 281 to 272, with 1.21 billion securities worth S$1.17 billion changed hands.

SATS ? Singapore Airport Terminal Services was the top constituent gainer for the day, rising 2.1% to S$2.90. ST Engineering was the top decliner on the STI for the day, down 2.41% to S$4.04.

Banking stocks ended the day lower. Oversea-Chinese Banking Corp was down 1.1% at S$14.39 while DBS Group Holdings dropped 0.67% to S$35.83 and United Overseas Bank sank 0.2% at S$30.81.

In company news, shares of Singapore Post advanced over 2% after it vested 147,676 shares awards pursuant to its restricted share plan.

Pan-United shares declined 1% after it repurchased a further 10,000 shares in the open market on Monday for S$4,596.

ECONOMIC NEWS: The Purchasing Managers? index (PMI), a barometer of the manufacturing sector, rose to 50.6 points in May, up from April?s 50.5 points, according to the latest data released by the Singapore Institute of Purchasing and Materials Management on Monday. Meanwhile, the PMI for electronics, a key subsector of manufacturing, rose to 51.1 points, up from 50.9 points in the month before.

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