SINGAPORE shares closed lower on Wednesday (Jun 5), after the country’s April retail sales missed estimates.
The Straits Times Index (STI), Singapore’s blue-chip barometer, shed 0.3 per cent or 8.93 to 3,330.01.
Across the broader market, advancers beat decliners 301 to 248, as 1.3 billion securities worth S$1.4 billion changed hands.
Official data on Wednesday showed that Singapore’s retail sales fell 1.2 per cent year on year in April, below the forecast of a 1.9 per cent yoy gain in a Bloomberg poll of private-sector economists.
UOB economist Jester Koh said that the contraction was likely due to a “challenging recovery in tourist arrivals”.
However, he continues to expect retailers to enjoy some level of domestic and external support, complemented by major events such as concerts and BTMICE (business travel and meetings, incentive travel, conventions and exhibitions) activities.
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
On the STI, Chang beer maker Thai Beverage : Y92 0% was the top gainer, increasing 3 per cent or S$0.015 to S$0.51.
Shipbuilding company Seatrium : 5E2 0% was at the bottom of the index, falling 3.4 per cent or S$0.06 to S$1.72.
The three local banks were in negative territory on Wednesday. DBS : D05 0% contracted 1.3 per cent or S$0.47 to S$35.36, while OCBC : O39 0% declined 0.8 per cent or S$0.11 to S$14.28. UOB : U11 0% closed 0.4 per cent or S$0.12 lower at S$30.69.
Outside Singapore, regional indices were mixed. Hong Kong’s Hang Seng Index closed down 0.1 per cent and Japan’s Nikkei 225 declined 0.9 per cent. However, South Korea’s Kospi Composite Index gained 1 per cent. Bursa Malaysia’s Kuala Lumpur Composite Index slid 0.4 per cent.
