Singapore stocks decline 0.2% despite regional gains
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The Straits Times Index is down 11 points at 4,485.63.
PHOTO: ST FILE
Tan Nai Lun
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- Singapore's STI fell 0.2% to 4,485.63, bucking the trend of regional gains where most indices saw increases.
- Genting Singapore led STI gainers, while Hongkong Land was the worst performer, impacted by US data watch.
- Asian markets were boosted by US Federal Reserve signals, but are wary of upcoming US economic data releases.
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SINGAPORE - Singapore stocks ended lower on Nov 25, even as regional bourses largely finished higher.
The benchmark Straits Times Index (STI) lost 0.2 per cent, or 11 points, to finish at 4,485.63. The iEdge Singapore Next 50 Index, meanwhile, gained 0.3 per cent, or 3.71 points, to 1,442.38.
Across the broader market, gainers outnumbered losers 310 to 247 after 1.3 billion securities worth $1.4 billion changed hands.
Key regional indexes were largely up. Hong Kong’s Hang Seng Index gained 0.7 per cent, Japan’s Nikkei 225 index rose 0.1 per cent and South Korea’s Kospi was up 0.3 per cent.
The FTSE Bursa Malaysia KLCI, on the other hand, lost 0.4 per cent.
Asian markets tracked overnight US gains, following dovish trade winds from the US Federal Reserve.
“Asian markets walked into Tuesday’s session with a very familiar tailwind: the gravitational pull of a Fed pivot that – after weeks of second-guessing – is starting to look like more than just another false dawn,” said Mr Stephen Innes, managing partner at SPI Asset Management.
But he noted that investors are also watching US data releases, including producer price index and retail sales, this week.
“Asia walks into Tuesday’s session with the wind at its back... The only thing that could break the spell in the next 48 hours is a data surprise big enough to knock the pivot narrative off its axis,” he added.
Genting Singapore led gainers on the STI, rising 1.4 per cent, or one cent, to end at 74 cents.
The worst performer was Hongkong Land, which fell 3.3 per cent, or 22 US cents, to close at US$6.36.
The three local banks ended mixed on Nov 25.
DBS rose 0.2 per cent, or 12 cents, to $53.50 and OCBC was up 0.2 per cent, or four cents, at $18.12. UOB finished 0.1 per cent, or three cents, lower at $33.86. THE BUSINESS TIMES
