Singapore shares retreat as investors await Powell’s address, US inflation data; STI down 0.4%
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The Straits Times Index was down 0.4 per cent or 14.37 points at 3,860.76.
ST PHOTO: GIN TAY
Mia Pei
SINGAPORE - Shares in Singapore dipped from the previous day’s rally to close lower on Feb 11, as investors stayed cautious ahead of market-moving messages from Federal Reserve chairman Jerome Powell’s testimony and US inflation data.
The Straits Times Index (STI) was down 0.4 per cent or 14.37 points at 3,860.76. Across the broader market, losers outnumbered gainers 267 to 238 after 1.4 billion securities worth $1.3 billion changed hands.
On the STI, Sats was the top gainer, up 1.9 per cent, or six cents, at $3.29. Mapletree Industrial Trust lost the most, down 3.3 per cent, or seven cents, at $2.06.
Mr Powell was expected to make his first Congressional appearance since US President Donald Trump’s inauguration after the Singapore market closed on Feb 11. Markets expect the semi-annual testimony to cover Mr Trump’s tariff policies, as well as the outlook for interest rates and inflation.
Ms Ipek Ozkardeskaya of Swissquote Bank expects Mr Powell to adopt a cautious approach despite mounting pressure to lower rates from the Trump government.
“After all, US growth remains solid, the jobs market healthy and inflation sticky. And Trump’s growth-boosting policies and tariff threats threaten to make it stickier... A hawkish stance from Powell could further boost the dollar appetite and temper gains in US equities,” she added.
In between Mr Powell’s two-day testimony, the January reading of the US consumer price index will be released on the night of Feb 12 (in Asia).
Elsewhere in the Asia region, investor sentiment was mixed on Tuesday. South Korea’s Kospi gained 0.7 per cent, while Hong Kong’s Hang Seng retreated 1.1 per cent. Markets in Tokyo and Kuala Lumpur were closed for a holiday. THE BUSINESS TIMES
