At closing bell, the Straits Times Index (STI) index was down 10.70 points, or 0.33% to 3,216.91 after trading between 3,215.70 and 3,230.60. Volume of 1.52 billion shares worth S$893.11 million changed hands. Across the broader market, decliners outpaced advancers with 325 to 256.
Jardine Cycle & Carriage was the top constituent gainer for the day, rising 0.71% to S$26.90. Seatrium was the top decliner on the STI for the day, down 3.57% to S$0.081.
Banking stocks ended the day mixed, with shares of United Overseas Bank rising 0.24% at S$29.57 and DBS Group Holdings adding 0.33% to S$36.12, while Oversea-Chinese Banking Corp erased 0.65% at S$13.77.
ECONOMIC NEWS: Singapore's MAS Maintains Policy, Forecasts 1-3% GDP Growth amid Easing Inflation- MAS maintained its monetary policy in April 2024, marking the fourth consecutive pause. The authority will keep the Singapore dollar's exchange rate policy band unchanged, monitoring global and domestic economic developments for inflation and growth risks. GDP is expected to grow between 1 to 3% this year, supported by sector recoveries. Core inflation is projected to remain high in the near term before easing notably in Q4 2024 and into 2025, averaging 3.4% in January-February.
Singapore's Economy Grows 2.7% YoY in Q1 2024, Led by Services Sector- Singapore's economy expanded by 2.7% year-on-year in Q1 2024, the 13th consecutive quarter of growth. The services sector rose 3.2%, while construction output slowed to 4.3% and manufacturing growth moderated to 0.8%. The economy is expected to grow between 1-3% for the full year 2024, supported by an upturn in manufacturing and financial sectors. Last year, GDP growth was 1.2%, significantly slower than the 3.6% growth seen in 2022.
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