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The Singapore stock market finished lower for third consecutive session on Wednesday, 31 May 2023, as risk sentiments dampened after a government report showed manufacturing in China continues to contract in May and on caution ahead of a vote by the US Congress on a deal to avert a government debt default. At closing bell, the Straits Times Index (STI) index was down 28.76 points, or 0.9%, to 3,158.80 after trading between 3,156.15 and 3,181.06. Volume of 2.74 billion shares worth S$2.82 billion changed hands. There were 231 gainers and 348 decliners. The top gainer on the STI was Frasers Logistics & Commercial Trust, which rose 1.64% to S$1.24. Meanwhile, the top decliner was propert developer UOL Group, which lost 3.9% to S$6.35. The local banking trio, accounting for a weighting of over 40% of the STI, were mostly lower. United Overseas Bank declined 0.4% to S$27.95 and DBS dropped 3.3% to S$30.30, while Oversea-Chinese Banking Corp was up 0.4% at S$12.27. Shares of Vallianz Holdings declined 5% after the company reported loss of $9.5 million in fiscal 2023 as against loss off $2.4 million a year ago. Tung Lok Restaurants shares closed 11% higher, as the company booked a profit attributable to owners of SG$3.2 million in the fiscal second half, up 99.9% from SG$1.6 million a year ago. Powered by Capital Market - Live News
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