Singapore stocks decline amid mixed regional trading; STI down 0.7%
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The benchmark Straits Times Index fell 0.7 per cent or 20.48 points to 3,065.94.
PHOTO: ST FILE
Tan Nai Lun
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SINGAPORE - Shares in Singapore fell on Nov 28 amid mixed trading in the region.
The benchmark Straits Times Index (STI) fell 0.7 per cent or 20.48 points to 3,065.94. Across the broader market, losers outnumbered gainers 335 to 244, after 881.1 million securities worth $840.7 million changed hands.
Mr Stephen Innes, managing partner at SPI Asset Management, said softer economic data in the United States is bolstering hopes that rate relief could be just around the corner, but the potential decline in interest rates is not sparking the typical positive response in the stock market.
“Investors may be harbouring concerns that the most significant impact of the Federal Reserve’s assertive tightening is yet to unfold,” he said.
Key indexes in the region ended mixed. Japan’s Nikkei 225 lost 0.1 per cent, Hong Kong’s Hang Seng Index fell 1 per cent, and the FTSE Bursa Malaysia KLCI closed flat. Meanwhile, South Korea’s Kospi Composite Index gained 1.1 per cent.
Most STI constituents ended in the red on Nov 28. The biggest loser was Frasers Logistics & Commercial Trust, which fell 2.8 per cent or $0.03 to $1.06. This was followed by DFI Retail Group, which lost 2.2 per cent or US$0.05 to US$2.19.
The trio of local banks also ended the day lower. DBS Bank slipped 0.4 per cent or $0.11 to $31.63, OCBC Bank dropped 0.2 per cent or $0.03 to $12.62, and UOB edged down 0.04 per cent or $0.01 to $27.20. THE BUSINESS TIMES
