Singapore shares bleed red ink; STI falls 0.1%
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The benchmark Straits Times Index declined 0.1 per cent or 2.93 points to 3,788.77.
PHOTO: ST FILE
Megan Cheah & Therese Soh
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SINGAPORE - Shares in Singapore were in the red on Jan 14, amid a mixed regional showing.
The benchmark Straits Times Index (STI) declined 0.1 per cent or 2.93 points to 3,788.77.
The STI was led by maritime vessel maker Yangzijiang Shipbuilding, which rose 4.1 per cent or 12 cents to $3.07. It was one of the most actively traded counters on Jan 14, with 23.6 million shares worth $71.7 million changing hands.
Another stock that was briskly traded was integrated resort operator Genting Singapore, which gained 0.7 per cent or 0.5 cent to 73.5 cents, with 25.8 million securities worth $19 million trading across the day.
Meanwhile, retailer DFI Retail Group was at the bottom of the index, as it retreated 1.8 per cent or 4 US cents to US$2.24.
Two of the three banking stocks ended lower. DBS fell 0.4 per cent to $43.90, while OCBC lost 0.3 per cent to $16.92. UOB gained 0.5 per cent to $36.97.
Across the broader market, advancers beat decliners 278 to 226, with 938.1 million securities worth $994.3 million traded.
Outside the index, First Real Estate Investment Trust (Reit) closed 3.9 per cent or $0.01 higher at $0.265. This followed the Reit’s announcement on Jan 13 that it received a preliminary non-binding letter of intent from Siloam International Hospitals to acquire its portfolio of Indonesian hospital assets.
Meanwhile, regional markets were varied. Hong Kong’s Hang Seng Index rose 1.8 per cent, while South Korea’s Kospi Composite Index gained 0.3 per cent. Japan’s Nikkei 225 fell 1.8 per cent, while the Bursa Malaysia Kuala Lumpur Composite Index declined 0.6 per cent.
These market movements come after the release of US December jobs data on Jan 10, which showed that the economy added 256,000 jobs in the final month of 2024.
The figures “strongly beat expectations” and showed that the United States is headed for a “soft landing rather than recession in 2025”, said Bank of Singapore chief economist Mansoor Mohi-uddin. “We thus continue to think the Fed is near the end of its easing cycle given firm growth and inflation,” he said in a note on Jan 13. Bank of Singapore forecasts only one further 25 basis points rate cut in the first half of 2025. THE BUSINESS TIMES
