Singapore Market falls on profit booking

The Singapore stock market finished session lower on Monday, 16 January 2023, despite positive lead from US and European markets on Friday, as investors opted to book recent profit after data showed that Singapore home sales tumbled for a third straight month to the lowest in almost 14 years as a supply crunch kept buyers at bay.

At closing bell, the Straits Times Index (STI) index was down 13.74 points, or 0.42%, to 3,280.01 after trading between 3,273.65 and 3,309.12. Volume was 849.23 million shares worth S$988.56 billion changed hands. There were 248 gainers and 295 decliners.

The top performing stock in Straits Times Index was CapitaLand Investment which rose 1.58% to S$3.85, while the bottom performing stock was United Overseas Bank, falling 2.85% to S$29.66.

ECONOMIC NEWS: New private home sales fell for a third consecutive month in December, amid a lack of launches, interest rate volatility and the typical year-end lull in the market. Developers' sales, excluding executive condominiums (ECs), fell 34.6 per cent to 170 in December from 260 units in the previous month, according to data released by the Urban Redevelopment Authority (URA) on Monday. This was the lowest since January 2009, when just 108 units were sold in the wake of the global financial crisis.

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