Singapore Market extends losses

The Singapore stock market finished session lower on Wednesday, 22 February 2023, extending yesterday's losses, on following Wall Street overnight losses amid worries about the potential for further Federal Reserve tightening and the impact it has on global growth. Also, weighing risk sentiments was geopolitical tensions ahead of the Ukraine war's first anniversary and signs that Beijing wants to play a more active role in the Ukraine conflict.

At closing bell, the Straits Times Index (STI) index declined 6.82 points, or 0.21%, to 3,300.04 after trading between 3,291.04 and 3,309.50. Volume was 1.74 billion shares worth S$1.28 billion changed hands. There were 246 gainers and 304 decliners.

The top performing stock in Straits Times Index constituents was Yangzijiang Shipbuilding which rose 3.05% to S$1.35, while the bottom performing stock was Mapletree Logistics Trust, falling 1.77% to S$1.66.

Local banks were mixed. United Overseas Bank added 1.1% to S$30.99 and DBS Group Holdings fell 0.57% to S$34.66, while Oversea-Chinese Banking Corp was down 1.07% at S$12.90.

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