Singapore Shares Edge Lower; Investors Await CPI Data

Dow Jones01-22

Singapore shares reversed early gains to end slightly lower, with the benchmark FTSE Straits Times edging 0.1% lower to 3149.12.

DFI Retail Group was among the worst performers, falling 3.3%. Maybank attributed the retailer's share-price decline to slower growth estimates in North Asia due to recent weaker-than-expected China consumption data.

REITs led gains, with Mapletree Industrial Trust and CapitaLand Ascendas REIT rising 2.1% and 1.4%, respectively. The gains by REITs came amid expectations of U.S. rate cuts, Maybank analyst Thilan Wickramasinghe said.

Meanwhile, Singapore Airlines added 0.3% amid investor expectations of better load factors, the analyst added.

Key to watch this week are Singapore CPI data, due Tuesday, and U.S. advance GDP estimates, due Thursday.

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