Bulls And Bears
Local investors cautious ahead of US Fed chief's speech today
• STI inches up 0.06%, with only six counters registering gains • Dairy Farm is top performer, adding 2.31% to end at US$3.55 • Asian markets mixed; S. Korea, HK drop but KL, Japan move up
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Tay Peck Gek
There was not much movement among local shares yesterday as investors kept their powder dry in anticipation of Federal Reserve chairman Jerome Powell's remarks at the Jackson Hole symposium.
The gathering of central bankers, policymakers, academics and economists from around the world takes place today.
The cautious mood left the Straits Times Index (STI) up by a marginal 0.06 per cent, or 1.93 points, to 3,109.42 points, with only six of 30 STI constituents registering gains while four closed flat.
Losers beat gainers 258 to 181 on the broader market, with 1.39 billion shares worth $1.01 billion changing hands.
Dairy Farm International posted gains of 2.31 per cent to US$3.55, making the supermarket group the best STI performer.
Transport counter ComfortDelGro, which ended 1.24 per cent lower at $1.60, was the top loser.
The company is pursuing an initial public offering for its Australian subsidiary to unlock value, but has given little details about the proposed flotation.
Penny counter Shen Yao was flat at 0.6 cent with 226.2 million shares traded, making the gold miner the most active stock.
Asian markets were mixed.
South Korea's Kospi dipped 0.58 per cent after the country's central bank became the first in Asia to raise interest rates since the pandemic hit.
Australia's S&P/ASX 200 also closed lower, down 0.54 per cent - the end of its three-day winning streak.
The Shanghai Composite Index fell 1.09 per cent and Hong Kong's Hang Seng dipped 1.08 per cent.
But the FTSE Bursa Malaysia Kuala Lumpur Composite Index climbed 1.02 per cent and Japan's Nikkei 225 rose 0.06 per cent.
