Singapore stocks track regional decline; STI down 0.4%
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The benchmark Straits Times Index shed 0.4 per cent or 15.96 points to close at 4,456.30.
ST PHOTO: LIM YAOHUI
Navene Elangovan
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- Singapore's STI declined by 0.4% to 4,456.30, with Yangzijiang Shipbuilding falling the most. DFI Retail was the top blue-chip gainer.
- Regional markets also declined, including Australia's ASX 200, Malaysia's KLCI, and Hong Kong's Hang Seng, reflecting broader market apprehension.
- SGX strategist Geoff Howie cites WTO trade growth downgrade and US interest rate caution as reasons for potential profit-taking.
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SINGAPORE - Local shares ended Oct 8 lower, tracking a broader decline across regional markets.
The benchmark Straits Times Index (STI) shed 0.4 per cent or 15.96 points to close at 4,456.30.
Yangzijiang Shipbuilding was the index’s biggest decliner, falling 2 per cent or seven cents to $3.45.
Consumer group DFI Retail, meanwhile, was the day’s top blue-chip gainer, rising 1.5 per cent or five US cents to US$3.35.
The three local banks ended Oct 8 mixed.
DBS Bank lost 1 per cent or 53 cents to finish at $54.27. OCBC Bank rose 0.1 per cent or one cent to $16.92, and UOB was up 0.03 per cent or one cent at $35.50.
Casino operator Genting Singapore was the most actively traded counter on the STI by volume, with 66.4 million units worth $47.7 million traded. The counter fell 0.7 per cent to 72 cents.
Across the broader market, advancers outnumbered decliners 310 to 276, after 1.7 billion securities worth $1.3 billion changed hands.
Most key indexes in the region ended lower.
Australia’s ASX 200 slipped 0.1 per cent; Malaysia’s KLCI was down 0.2 per cent, and Hong Kong’s Hang Seng slid 0.5 per cent.
Commenting on market sentiment, Singapore Exchange market strategist Geoff Howie said that there have been two key developments this quarter.
First, markets have had a day to absorb the World Trade Organisation’s downgrade of trade growth for 2026. Second, Mr Neel Kashkari, the incoming member of the US’ Federal Open Market Committee, also cautioned on Oct 7 that slashing interest rates could trigger a burst of high inflation in the US.
Said Mr Howie: “With so many global benchmarks sitting at major highs alongside safe-haven assets, commentators are also calling for caution. That gives added reason for today’s potentially profit-taking pullback across most Asia markets.” THE BUSINESS TIMES
