SINGAPORE, April 12 (Xinhua) -- Singapore shares closed 0.33 percent lower on Monday, weighed by inflation worries after the United States reported a surge in producer price index last week.
But U.S. markets climbed to another record last Friday as investors dismissed concern over inflation and focused on prospects for an economic rebound. Volume on U.S. exchanges hit a new low for this year as the rise in producer prices added fuel to the debate about the path of inflation.
Meanwhile, crude oil prices remained steady in Asia after U.S. Federal Reserve Chair Jerome Powell said the U.S. economy was poised for a stronger growth, although he also cautioned that coronavirus still remains a threat.
DBS Group Research said that technically, the Straits Times Index is poised for rangebound trade in coming months with resistance at 3,200 points and 3,300 points, and support at 2,966 points and 3,056 points, adding that the month of May is a seasonally weaker month compared to March and April.
Singapore's benchmark Straits Times Index fell 10.61 points to 3,173.93 points. The trading volume was 2.11 billion shares worth 1.48 billion Singapore dollars. Decliners outnumbered advancers 344 to 152.
Nanofilm Technologies fell 1.75 percent to 5.04 Singapore dollars. It exercised an option last Friday to purchase a six-story standalone warehouse in the northeastern part of Singapore for 30.38 million Singapore dollars, which was payable in cash and will be funded by both internal funds and bank borrowings.
Among top gainers, DBS Group Holdings rose 0.14 percent to 28.69 Singapore dollars, while Venture Corporation became one of the top losers by falling 1.7 percent to 20.28 Singapore dollars. (1 U.S. dollar equals 1.34 Singapore dollars)