Singapore stocks ended lower on Monday (Jan 30), as markets remained cautious ahead of various key events happening this week.
The Straits Times Index (STI) fell 0.5 per cent or 15.92 points to close at 3,378.29. Losers outnumbered gainers 350 to 234, after 1.3 billion securities worth S$1.6 billion changed hands.
Yeap Jun Rong, market analyst at IG, noted that investors are likely staying cautious ahead of several key events this week, which include the release of the US’ jobs report and China’s purchasing managers’ index, as well as the upcoming Federal Open Market Committee (FOMC) meeting that decides the next interest-rate hike.
He said that still-above-target inflation and easing financial conditions over the past months may keep the US Federal Reserve from prematurely feeding markets with hopes of pivoting.
“But equity bulls may attempt to ride on any signs of a more data-dependent stance, to continue their recent bullish momentum,” he added.
The region’s markets ended the day mixed. The Hang Seng Index fell 2.7 per cent, and the Kospi Composite Index ended 1.4 per cent lower. The Nikkei 225 Index rose 0.2 per cent and the FTSE Bursa Malaysia Index gained 0.1 per cent.
