SINGAPORE (THE BUSINESS TIMES) - Local shares headed south on Wednesday after Wall Street took a pause from its early-week rally. The subdued mood left the Straits Times Index (STI) at 2,925.84 points, down 0.32 per cent, with gainers pipping losers 236 to 230 on trade of 2.28 billion shares worth $1.14 billion.
DailyFX strategist Margaret Yang said: "Markets appeared to have largely priced in the US$1.9 trillion (S$2.5 trillion) Covid-relief package, which is crucial to revitalise consumer spending, assist vaccine roll-outs and foster a faster economic recovery for the United States."
Elsewhere, sentiment remained upbeat, with key indexes ending higher. Hong Kong's Hang Seng led gains in the region, climbing 1.9 per cent. Japan's Nikkei 225 was up 0.2 per cent, Seoul's Kospi rose 0.5 per cent, and the Kuala Lumpur Composite Index gained 0.7 per cent.
Oanda senior market analyst Jeffrey Halley said: "Activity in Asia suggests that regional investors are not taking positioning off the boards ahead of the Chinese New Year holidays."
Yangzijiang Shipbuilding remained best performer on the STI, climbing 1 per cent to $1.05.
Genting Singapore was bottom of the table, falling 2.8 per cent to 86.5 cents. It was also the most heavily traded STI counter, with 73.5 million shares done. It posted a 90 per cent plunge in full-year net profit to $69.2 million on Tuesday night.
DBS results out on Wednesday had investor attention. It reported a 33 per cent dip in net profit to $1.01 billion for the fourth quarter. Its shares rose 0.3 per cent to $26.
The other two lenders posted gains for the day as well. OCBC put on 0.9 per cent to $10.54, while UOB gained 0.2 per cent to $23.89.
Thomson Medical continued to record strong gains and heavy volumes, with shares up 20.3 per cent to 7.1 cents on trade of 267.8 million.
