SINGAPORE: Singapore stocks traded lower on Tuesday, Jan 21, after overseas markets closed mostly flat after US President Donald Trump’s return to office. The Straits Times Index (STI) retreated 0.3%, or 11.42 points to 3,796.55 at 9:01 am, The Business Times reported.

In the broader market, 49 stocks fell while 44 rose, with 23.1 million securities valued at S$51 million traded.

Rex International, an oil exploration and production company, led the trading volume. Its share price fell 0.7% or S$0.001 to S$0.139, with 3.2 million units traded. Biolidics, a medtech firm, remained unchanged at S$0.027, while CapitaLand Integrated Commercial Trust dropped 0.5% or S$0.01 to S$1.96.

Singapore’s major banks also faced losses. UOB saw a 0.9% decline to S$36.83, DBS fell 0.5% to S$43.40, and OCBC stayed flat at S$17.16.

In the US, markets were optimistic as investors welcomed Trump’s first day back in office, expecting pro-business policies, trade changes, stricter immigration measures, tax cuts, and easing cryptocurrency regulations. On Monday, US bourses were closed to observe Martin Luther King Jr Day.

Notably, US President Trump held off on imposing new tariffs on foreign countries, including China, on his first day in office, despite reiterating plans to set up a new agency to collect tariffs and duties.

In Europe, stocks remained steady on Monday after reaching a three-month high, driven by hopes that US President Trump would hold off on raising tariffs. The Stoxx 600 index edged up 0.05% to 523.87. /TISG

Read also: Singapore shares traded lower on Monday—STI fell 0.3%

Featured image by Depositphotos