Singapore stocks fall despite positive regional showing; STI down 0.3%
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Across the broader market, gainers outnumbered losers 397 to 219, after 2.1 billion securities changed hands.
ST PHOTO: AZMI ATHNI
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Ranamita Chakraborty
- Singapore's Straits Times Index (STI) closed lower by 0.3% at 5,007.83, with Singtel being the biggest decliner, despite positive regional markets.
- Regional indexes like Hong Kong's Hang Seng and Japan's Nikkei 225 closed higher due to hopes for a Middle East conflict resolution.
- US stock market rally continues, driven by Middle East peace hopes, with the S&P 500 and Nasdaq reaching record closing highs.
AI generated
SINGAPORE – Stocks on the local bourse closed lower on April 16, despite a positive regional performance and growing optimism that the US and Iran will extend their ceasefire to continue negotiations.
The benchmark Straits Times Index (STI) lost 0.3 per cent, or 13.37 points, to finish at 5,007.83.
Mapletree Logistics Trust led the gainers on the blue-chip barometer, rising 1.6 per cent, or two cents, to end at $1.26. The STI’s biggest decliner was Singtel, which fell 1.8 per cent, or nine cents, to close at $4.83.
The three local banks ended lower. DBS lost 0.7 per cent, or 40 cents, to $57.30, OCBC Bank fell 1 per cent, or 22 cents, to $22.66, and UOB was down 0.2 per cent, or seven cents, at $37.52.
Across the broader market, gainers outnumbered losers 397 to 219, after 2.1 billion securities worth $2.3 billion changed hands.
Key regional indexes closed higher. Hong Kong’s Hang Seng Index gained 1.7 per cent, Japan’s Nikkei 225 rose 2.4 per cent, South Korea’s Kospi was up 2.2 per cent, and the FTSE Bursa Malaysia KLCI advanced 0.4 per cent.
The region’s broadly positive showing on April 16 came amid rising hopes for an imminent resolution to the Middle East conflict, even as the US and Iran position for control over the Strait of Hormuz.
Mr Jose Torres, senior economist at Interactive Brokers, pointed out that the US stock market’s record-breaking rally has continued, driven by renewed hopes for peace in the Middle East.
This has propelled tech stocks to their 11th consecutive day of gains, he noted. The S&P 500 and Nasdaq, meanwhile, rose to record closing highs.
“Despite speculative enthusiasm thriving in the past several weeks, much of the same concerns from then remain front and centre today,” said Mr Torres. “But the fear of missing out brought investors into the market as soon as any semblance of potential Middle East peace appeared.” THE BUSINESS TIMES
