Singapore stocks slip as US futures fall; STI down 0.1%

SINGAPORE – Local stocks inched down on Sept 22 as declining American indexes are set to open lower, in line with falling US futures.

Futures for the S&P 500 retreated 0.3 per cent after bets on a series of interest rate cuts drove the benchmark to a fresh high at the end of last week. Traders are dialling back risk as they kick off a relatively quiet week on the data front.

After the US Federal Reserve cut rates for the first time in 2025, this week’s data calendar looks thin, with the release of policymakers’ preferred gauge of underlying inflation on Sept 26 the main item.

Singapore’s benchmark Straits Times Index (STI) closed down 0.1 per cent, or 5.34 points, at 4,297.37.

Across the broader market, decliners outnumbered advancers 315 to 233 after 1.9 billion shares worth $1.6 billion changed hands.

Jardine Matheson was the top gainer on the STI, rising 4.9 per cent, or US$2.94, to US$63.49.

The biggest loser was Hongkong Land, which declined 3.4 per cent, or 23 US cents, to US$6.50.

The trio of local banks closed lower. DBS Bank ended down 0.3 per cent, or 17 cents, at $50.30. UOB dropped 0.1 per cent, or two cents, to $34.61, and OCBC Bank declined 0.1 per cent, or two cents, to $16.44.

In the region, major indexes were firmer as concerns over the Bank of Japan’s plan to sell its exchange-traded fund holdings eased. Japan’s Nikkei 225 was up nearly 1 per cent, while South Korea’s Kospi advanced 0.7 per cent. Greater China markets were mostly higher, with the Shanghai Composite rising 0.2 per cent and the Shenzhen Component up 0.7 per cent.

Hong Kong’s Hang Seng Index was the outlier, closing 0.8 per cent lower as airlines are cutting flights amid reports that the city is preparing to shut its airport ahead of a typhoon.

THE BUSINESS TIMES