STI closes flat on Sept 16 as regional peers gain
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The STI closed flat at 4,337.74, down 0.68 point, at the end of Sept 16's trading.
PHOTO: ST FILE
Benjamin Cher
SINGAPORE - The Straits Times Index (STI) closed flat on Sept 16, down 0.68 point to 4,337.74, as regional indexes gained.
Across the broader market, decliners outnumbered advancers 278 to 256 after 1.5 billion shares worth $1.4 billion changed hands.
The trio of local banks were mixed.
DBS Bank was up 0.3 per cent, or 13 cents, to $51.53. UOB was down 0.4 per cent, or 14 cents, to $35.12, and OCBC Bank closed down 0.1 per cent, or two cents, to $16.80.
DFI Retail was the top gainer on the STI, closing up 1.8 per cent, or six US cents, to US$3.36.
The biggest loser was CapitaLand Investment, closing down 1.4 per cent, or four cents, to $2.73.
Across the region, most major indexes gained on Sept 16, with the Kospi up 1.2 per cent and the Nikkei 225 up 0.3 per cent. Hong Kong’s Hang Seng Index closed flat.
Interest in tech, easing trade tensions and expectations of a Fed rate cut have sent US markets rallying as investor confidence is bolstered, said Mr Jose Torres, senior economist at Interactive Brokers.
“Inflation expectations and geopolitical conditions were aided by US officials meeting representatives from New Delhi and Beijing soon, including a Friday conversation scheduled between presidents Trump and Xi,” said Mr Torres, referring to US President Donald Trump and Chinese President Xi Jinping.
Analysts are forecasting that the US economy will maintain its momentum and fortify the outlook for corporate earnings growth.
Investors are hoping that the Sept 18 policy announcement will focus on increased unemployment risk over stronger price momentum. THE BUSINESS TIMES
