The local market was in a cautious mood for the most part, as investors wait for details on the US Federal Reserve's June meeting for when rate hikes will be implemented this year.Investors remain concerned by the global economic slowdown and US-China trade tensions though sentiment was given a lift in recent weeks on expectations of dovish Fed outlook. The Fed meeting on Wednesday may have an impact on whether region central banks will take to rate cuts to combat easing economic growth.
Across the market, decliners outpaced advancers 225 to 159. The STI had half of its 30 components in the red.On 23.7 million shares traded, Singtel was the benchmark index's most traded stock on Monday. The telco gained one Singapore cent or 0.3 per cent to close at S$3.34. Fellow telco StarHub added two Singapore cents or 1.4 per cent to S$1.49.
Across the broader market, NetLink NBN Trust, which has a significant domestic market share in fibre network infrastructure, was among the most heavily traded by volume. Units in the business trust were two Singapore cents or 2.4 per cent up at S$0.87 with 34.5 million shares traded. It was a mixed day at the office for financials. DBS Group Holdings closed S$0.14 or 0.6 per cent lower at S$24.67. Meanwhile, OCBC Bank edged up two Singapore cents or 0.2 per cent up at S$10.80 and United Overseas Bank ended at S$25.11, advancing S$0.12 or 0.5 per cent.