Singapore’s banking trio down, weighing on STI
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Across the broader market, decliners outnumber gainers 310 to 259 after 1.6 billion securities worth $1.7 billion change hands.
ST PHOTO: AZMI ATHNI
Tay Peck Gek
- Singapore's STI fell 0.6% to 4,860.93 due to declines in banking stocks like UOB, OCBC and DBS.
- The iEdge Singapore Next 50 Index rose 0.6% to 1,496.17, with Food Empire being the top performer.
- Gold-related stocks increased as gold prices surged past US$5,000, driven by geopolitical tensions and a weak US dollar.
AI generated
SINGAPORE - Singapore shares finished mixed on Jan 26, with the Straits Times Index (STI) falling as the iEdge Singapore Next 50 Index rose.
The STI was down 0.6 per cent, or 30.52 points, at 4,860.93, amid a slide in all three banking stocks on the blue-chip barometer.
UOB, which enjoyed a rally late last week, saw a reversal on Jan 26, leading the decliners on the STI.
The lender’s shares closed 2.5 per cent, or $1, lower at $38.50.
The other two banks also finished in negative territory.
OCBC Bank dropped 1.2 per cent, or 25 cents, to $21.04.
DBS Bank slid 0.6 per cent, or 36 cents, to $58.29.
Across the broader market, decliners outnumbered gainers 310 to 259 after 1.6 billion securities worth $1.7 billion changed hands.
The iEdge Singapore Next 50 Index – which tracks the performance of the 50 largest companies listed on the mainboard after the STI stocks – rose 0.6 per cent, or 8.43 points, to 1,496.17.
The index’s top performer was Food Empire, which edged up 3.2 per cent, or nine cents, to $2.86, achieving a 52-week high.
Meanwhile, pawnbrokers and gold-themed stocks climbed as they rode the rally in the precious metal, which powered past US$5,000 an ounce on Jan 26.
Private banking and asset management group LGT said gold’s surge to a new record underscored a cautious start to the week, with safe-haven demand supported by geopolitical tensions, a weaker US dollar and lingering doubts over US policy.
It added that investors looked ahead to the US Federal Reserve’s interest rate decision this week.
Mr Vishnu Varathan, head of macro research for Asia ex-Japan at Mizuho Securities in Singapore, forecast that the Fed is likely to maintain policy rates. THE BUSINESS TIMES
