Singapore stocks inch down ahead of Fed policy decision
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The three local banks had a mixed showing on Dec 10.
PHOTO: ST FILE
Benjamin Cher
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- Singapore's STI closed slightly lower at 4,511.90, down 1.34 points, ahead of the US Federal Reserve's policy decision.
- Local banks showed mixed performance, with OCBC rising, DBS flat, and UOB declining; DFI Retail and iFast were top and worst performers.
- Regional markets were mixed amid bond sell-offs, reflecting expectations of hawkish central bank policies, according to Saxo Bank's Neil Wilson.
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SINGAPORE - Singapore stocks ended lower on Dec 10, ahead of a policy decision by the US Federal Reserve.
The benchmark Straits Times Index (STI) was flat, shedding 1.34 points to close at 4,511.90. The iEdge Singapore Next 50 Index lost 0.1 per cent, or 1.56 points, ending the day at 1,435.02.
The three local banks had a mixed showing. OCBC led the gainers on Singapore’s blue-chip index, rising 0.9 per cent or 16 cents to end at $18.95. DBS was flat at $54.12, while UOB finished 0.3 per cent or 10 cents lower at $34.18.
The worst performer among STI constituents was DFI Retail, falling 2 per cent or eight US cents to close at US$3.99.
The top performer on the iEdge Singapore Next 50 was iFast, which rose 2.9 per cent or 27 cents to $9.57. The index’s biggest loser was Nanofilm, which was down 2.5 per cent or 1.5 cents at 58.5 cents.
Across the broader market, losers outnumbered gainers 243 to 238 after one billion securities worth $1 billion changed hands.
Key regional indexes were mixed on Dec 10.
Hong Kong’s Hang Seng Index gained 0.4 per cent while Japan’s Nikkei 225 index lost 0.1 per cent. The Kospi in South Korea was down 0.2 per cent and the FTSE Bursa Malaysia KLCI shed 0.2 per cent as well.
Equities remain “mixed and languid” as the Fed starts its two-day meeting, said Mr Neil Wilson, UK investor strategist at Saxo Bank. This is amid a bond market sell-off that has taken on bets that global central banks are turning hawkish rather than dovish.
“Wall Street edged lower yesterday in cautious trade,” Mr Wilson noted. “Alphabet and Meta dipped while Nvidia, Microsoft and Broadcom rose.” THE BUSINESS TIMES
