Market Commentary - Foreign Markets
Singapore Exchange Market ends lower As on : 21-May-24  17:08

The Singapore stock market finished session lower on Tuesday, 21 May 2024, as risk sentiments subdued on following the mixed cues from Wall Street overnight, amid lingering uncertainty over the timing and pace of Fed rate cuts, with some US Fed officials warning the central bank may still need to raise rates if inflation persists.

At closing bell, the Straits Times Index (STI) index was down 6.15 points, or 0.19% to 3,307.90 after trading between 3,293.93 and 3,314.30. Across the broader market, decliners outpaced advancers 330 to 245, with 1.20 billion securities worth S$920.83 million changed hands.

SGX was the top constituent gainer for the day, rising 2.5% to S$9.45. DFI Retail Group was the top decliner on the STI for the day, down 2.09% to S$1.87.

Banking stocks ended the day lower. Oversea-Chinese Banking Corp decreased by 0.2% at S$14.38 and United Overseas Bank was down 0.03% at S$30.23. DBS Group Holdings fell 0.33% to S$35.68.

Kingsmen Creatives surged nearly 6% after it wholly-owned subsidiary, Kingsmen Xperience and Infinity Experiences entered into a joint venture with PHI Studio and Felix & Paul Studios to create extended reality experiences.

Shares of Sinostar Pec Holdings were down nearly 3% after it received the Singapore Exchange's approval-in-principle for the listing and quotation of the 320 million new ordinary shares to be issued under its previously disclosed rights issue.

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