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Mon, Nov 30, 2020 – 5:37 pm
The benchmark Straits Times Index (STI) closed Monday down 1.75 percent or 49.87 to close at 2,805.95.
Nonetheless, STI generated its strongest monthly price increase in November since its 21.3 percent rise in May 2009, said Singapore Stock Exchange market strategist Geoff Howie.
Mapletree Logistics Trust was one of two components that made progress on Monday; It was up 0.51 percent or S $ 0.01 to close at S $ 1.97.
Most of STI’s constituents had ended the day in the red, with Jardine Cycle & Carriage as the biggest loser, shedding 7.57% or S $ 1.59 to close at S $ 19.41.
The trio of banks also ended the day lower. OCBC Bank fell 0.69% to close at S $ 10.08, while DBS closed 1.87% lower at S $ 25.20. UOB fell by a higher margin of 2.39 percent to close at S $ 22.51.
Data from the Monetary Authority of Singapore showed on Monday that Singapore’s bank lending in October fell for the eighth month in a row due to continued weakness in commercial lending.
Lending through the national banking unit, which captures lending in all currencies but primarily reflects lending in Singapore dollars, fell 0.3 percent to S $ 675.64 billion in October, compared to S $ 677.460. million Singaporean dollars a month ago.
Rejections outnumbered leads 314 to 156 during the day, with 2.9 billion securities worth S $ 3.65 billion changing hands.
Across the region, Asian markets ended similarly lower on Monday.
The Nikkei 225 index closed 0.79 percent or 211.09 points lower at 26,433.62, while the Shanghai Composite Index fell 0.49 percent or 16.55 points to close at 3,391.76.
The benchmark Kospi index also fell 1.60 percent or 42.11 points to close at 2,591.34. However, for the month, the index closed up 14.3 percent, the steepest monthly increase in 19 years, amid hopes for a recovery fueled by the coronavirus vaccine.
In Hong Kong, the Hang Seng Index fell 2.06 percent or 553.19 points to 26,341.49, as a result of the latest move by the Trump administration amid escalating tensions between the United States and China.
Reuters reported on Monday that the Trump administration is ready to add China’s top chipmaker SMIC and national offshore oil and gas producer CNOOC to a blacklist of alleged Chinese military companies, according to a document and sources, thus curbing their access to US investors.
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