Singapore stocks fall despite upbeat Wall St session and as investors await Nvidia results

SINGAPORE – A buoyant session on Wall Street overnight failed to ignite the local market, which dipped into the red on Aug 28 amid a mixed regional performance.

Investors seem more preoccupied by upcoming data releases and financial results in the United States than activity in Singapore, an indifference that left the benchmark Straits Times Index (STI) down 0.2 per cent, or 7.44 points, to 3,391.03.

Losers beat gainers 295 to 226 on relatively modest trade of 1.1 billion shares worth $882.8 million on the broader market.

Wall Street had seemingly set the stage for a robust regional performance, powered in part by anticipation over Nvidia’s upcoming results. The Dow Jones Industrial Average rose 0.02 per cent for its second straight record close, while the S&P 500 climbed 0.16 per cent and the Nasdaq gained 0.16 per cent.

Regional markets were not all convinced. Hong Kong’s Hang Seng fell 1 per cent while South Korea’s Kospi was largely flat, but Japan’s Nikkei 225 was up 0.2 per cent, and Malaysian stocks surged 1.4 per cent. The Australian bourse trimmed losses late in the day to close a touch higher, thanks to encouraging inflation data.

Analysts noted that regional markets were quiet ahead of Nvidia’s results on Aug 29. Maybank analysts said the chip giant’s financials would be a “key bellwether for the artificial intelligence sector... any disappointment in earnings can potentially dent the positive broader market risk sentiment”.

The STI was hit hard by Genting Singapore, which declined 3.1 per cent. Aug 28 was the counter’s ex-dividend date.

Brewer Thai Beverage was once again the top gainer, up 1.9 per cent at 53 cents. Telco Singtel was next, rising 1.4 per cent to $2.93.

Local banking stocks eased. DBS Bank fell 0.6 per cent to $35.68, OCBC Bank dropped 0.5 per cent to $14.40 and UOB declined 0.5 per cent to $30.86.

THE BUSINESS TIMES