Singapore stocks slip even as most regional markets gain

SINGAPORE - Stocks in Singapore closed lower on Nov 20, bucking a regional trend where most markets ended positive.

The benchmark Straits Times Index (STI) fell 0.4 per cent or 13.09 points to close at 3,111.58.

ST Engineering, which was trading ex-dividend, was the top decliner on the index, after falling 2.3 per cent or 9 cents to close at $3.78.

The three local banks also ended the session in the red, with DBS Bank slipping 0.8 per cent, OCBC Bank falling 0.9 per cent and UOB declining 0.15 per cent.

Thai Beverage was the top STI gainer, rising 2.9 per cent to 54 cents. DBS Group Research analysts issued a research report on Nov 20 noting that the valuation of the counter was “unjustifiably low”. The research house maintained its “buy” call with a lower target price of 75 cents.

Across the broader market, advancers outnumbered decliners 308 to 276 after 1.1 billion securities worth $818.1 million were traded.

Singtel was the most actively traded by value, with 43.8 million shares worth $100.9 million changing hands. The counter – which was trading ex-dividend – slipped 0.9 per cent to $2.31.

Elsewhere in the region, most markets ended the day in the black, with key indexes in Australia, Hong Kong, South Korea and Shanghai rising between 0.1 and 1.9 per cent. However, the Nikkei 225 in Japan ended lower, slipping 0.6 per cent.

SPI Asset Management managing partner Stephen Innes noted that trading activity and volumes in Asia this week are expected to be lighter than usual due to the US Thanksgiving holiday later in the week.

“However, sentiment appears to be holding up well, supported by a general loosening of financial conditions,” he said. “Easing financial conditions can positively impact market sentiment by reducing borrowing costs and supporting risk assets.” THE BUSINESS TIMES