Singapore stocks buck regional trend to end lower, STI down 0.4%
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Regional markets mostly ended higher after those modest falls on Wall Street that brought its November hot streak limping to a halt.
ST PHOTO: LIM YAOHUI
Tan Nai Lun
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SINGAPORE – Local shares defied gains made across much of the region on Nov 30 and instead followed Wall Street’s lead overnight to end a mixed month on a downbeat note.
The mixed signals from global markets sent the benchmark Straits Times Index (STI) falling 0.4 per cent or 11.71 points to 3,072.99, with losers pipping gainers 300 to 280 after a bumper 1.4 billion shares worth $1.9 billion changed hands.
Regional markets mostly ended higher despite modest falls on Wall Street that brought its November hot streak limping to a halt.
The Nikkei 225 in Tokyo rose 0.5 per cent, the Hang Seng in Hong Kong gained 0.3 per cent, the Kospi in Seoul added 0.6 per cent while Bursa Malaysia closed 0.5 per cent higher. Australian shares advanced 0.7 per cent to end the month up a robust 4.5 per cent.
Mr Stephen Innes, managing partner at SPI Asset Management, said that the change in tone from the United States Federal Reserve regarding potential interest rate cuts in 2024 is “hugely significant”.
Confirmation from a Fed official that cuts are indeed on the table probably seems too good to be true for equities, he added, noting: “But… the explosive rally in November may hold folks back until month-end rebalancing is completed, before setting the stage for odds on Santa rally.”
Keppel Corp was the STI’s biggest gainer, rising 3.7 per cent to $6.67. The company said on Nov 29 that it has agreed to acquire a 50 per cent stake in European real estate manager Aermont Capital for up to €356.9 million (S$521 million), with plans to acquire the remaining shares for a maximum of €575 million.
Jardine Matheson was the index’s biggest loser, falling 2.2 per cent to US$38.61.
The trio of local banks ended lower. DBS Bank fell 0.1 per cent to $31.74, OCBC Bank lost 1.2 per cent to $12.54, while UOB slipped 0.4 per cent to $27.22. THE BUSINESS TIMES
