Singapore stocks end in the red amid geopolitical uncertainties; STI down 0.4%
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The wary mood sent the Straits Times Index down 0.4 per cent or 18.32 points to 4,239.83.
ST PHOTO: BRIAN TEO
Ranamita Chakraborty
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SINGAPORE – The local share rally went slightly off the rails on Aug 8 as investors took stock of geopolitical uncertainties and looked ahead to corporate results.
The wary mood sent the Straits Times Index (STI) down 0.4 per cent or 18.32 points to 4,239.83, with losers trumping gainers 344 to 190 in the broader market on trade of 1.3 billion securities worth $2 billion.
Earnings reports took centre stage over broader themes such as tariffs and interest rates, said Singapore Exchange market strategist Geoff Howie.
“Earnings momentum is expected to build in Singapore next week,” he added, while also noting that Aug 12 will be pivotal, with markets closely watching for US inflation data and the expiry of the 90-day pause on US-China tariffs.
DBS Bank was the STI’s top gainer, adding 2 per cent to reach a record $50.74, after reporting a rise in second-quarter earnings on Aug 7.
Sembcorp led the losers, diving 13.9 per cent to $6.72 after a dip in first-half earnings. The other local banks slipped: OCBC Bank fell 1.7 per cent to $16.79, and UOB closed 0.3 per cent lower at $35.70.
Regional markets were mixed after a similar session on Wall Street overnight. The gainers included Japan’s Nikkei 225, up 1.9 per cent, while Malaysian shares advanced 0.5 per cent. But South Korea’s Kospi declined 0.6 per cent and the Hang Seng in Hong Kong dropped 0.9 per cent.
Despite the uneven finish, Asian markets turned in a bullish performance this week, said Mr Kai Wang, Asia equity market strategist at Morningstar.
He noted that most of this week’s top contributors were tech or internet stocks, suggesting that markets remain driven by artificial intelligence trends. This may be reflected in the US market as well, given some of the robust earnings growth of US tech giants.
“We think some of these positive results should translate into further bullishness for major China communications services and internet platform names,” he added. THE BUSINESS TIMES
