STI falls 0.9%, tracking regional peers
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Across the broader market, gainers trailed losers 171 to 429 on Nov 18.
PHOTO: ST FILE
Young Zhan Heng
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- Singapore's Straits Times Index (STI) fell 0.9% to 4,504.67, mirroring regional market declines with losers outpacing gainers.
- Yangzijiang Shipbuilding and Jardine Matheson Holdings were the worst STI performers, while local banks DBS, OCBC and UOB also declined.
- Saxo Markets' Neil Wilson cited "economic worries and macro headwinds" as factors in the "broad liquidation event" affecting Asian equities.
AI generated
SINGAPORE – Singapore stocks ended lower on Nov 18, tracking regional losses.
The benchmark Straits Times Index (STI) lost 0.9 per cent, or 38.92 points, to finish at 4,504.67. Meanwhile, the iEdge Singapore Next 50 Index gained 0.2 per cent, or 2.46 points, to 1,453.26.
Across the broader market, gainers trailed losers 171 to 429, after 1.3 billion securities worth $1.7 billion changed hands.
Key regional indexes were in the red. Hong Kong’s Hang Seng Index lost 1.7 per cent, Japan’s Nikkei 225 index lost 3.2 per cent, South Korea’s Kospi lost 3.3 per cent and the FTSE Bursa Malaysia KLCI lost 0.8 per cent.
All the STI constituents were in the red. The worst performer among STI constituents was Yangzijiang Shipbuilding, falling 4.7 per cent, or 16 cents, to close at $3.26.
The second-worst performer was Jardine Matheson Holdings, which fell 3.3 per cent, or US$2.18, to close at US$63.02.
The local banks all ended lower. DBS lost 0.6 per cent to finish at $53.68, OCBC fell 0.8 per cent to finish at $18.25 and UOB was down 0.1 per cent to finish at $34.03.
Labelling it as a “broad liquidation event”, Mr Neil Wilson, UK investor strategist at Saxo Markets, noted that European and Asian equity markets are falling as economic worries and macro headwinds develop. He said that various market pressures such as artificial intelligence (AI) stress and the worry of the US Federal Reserve potentially not cutting rates in December are all “coming to the fore this week”.
Nvidia earnings created a bit of a cliff edge for sentiment towards AI in the light of recent selling, he added. THE BUSINESS TIMES
