Singapore shares fall in tandem with most regional indexes, STI declines 0.3%
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City Developments was the top gainer on the STI, closing up 2.9% at $6.38.
PHOTO: ST FILE
Benjamin Cher
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SINGAPORE - The Straits Times Index (STI) closed lower on July 25, mirroring most regional indexes.
The STI fell 0.3 per cent or 11.99 points to 4,261.06.
Across the broader market, advancers outnumbered decliners 335 to 245 after 2.2 billion shares worth $1.8 billion changed hands.
The trio of local banks closed lower on July 25, with DBS down 0.3 per cent or 15 cents at $49.06. UOB dropped 0.6 per cent or 21 cents to $37.15 and OCBC ended 0.5 per cent or nine cents lower at $17.18.
City Developments was the top gainer on the STI, closing up 2.9 per cent or 18 cents at $6.38.
The biggest loser was Sembcorp Industries, which closed down 1.5 per cent or 12 cents at $7.72.
Across the region, major indexes were mostly down, with only the Kospi up 0.2 per cent and the Nikkei 225 down 0.9 cent. Hong Kong’s Hang Seng Index closed down 1.1 per cent and the KLCI, 0.4 per cent.
The markets are turning cautious as the US and China enter trade talks next week in Stockholm, said Mr Stephen Innes, managing partner at SPI Asset Management.
Officials will try to stitch a deal together before the Aug 12 expiry, and there are some tricky issues to navigate, namely Chinese industrial overcapacity and relief on export controls and access to more artificial intelligence components.
The 15 per cent tariff pact between Japan and the US is aiding the White House narrative that tariffs are levers and not a lid, he added.
“The fact that Beijing just suspended its antitrust probe into DuPont’s China unit may be more than a token – it may be a breadcrumb along the path to detente,” said Mr Innes. THE BUSINESS TIMES
