STI slips 0.1 % amid mixed regional trading

SINGAPORE - Traders were in a subdued mode on Nov 23 with modest trading levels that left the market as flat as a pancake.

The low-key sentiment sent the Straits Times Index (STI) dipping just 0.1 per cent or 3.17 points to 3,111.75.

That there was not much going on was reflected in the turnover with gainers outpacing losers 326 to 224 on trade of 1.1 billion shares with a middling $553.9 million.

Venture Corporation was the top index decliner, falling 1.9 per cent to $12.80. The local banks also ended in the red. DBS Bank and OCBC Bank fell 0.3 per cent, while UOB ended 0.1 per cent lower.

DFI Retail Group was the STI’s top performer, climbing 1.8 per cent to US$2.29. Other standouts included Hongkong Land, which rose 1.5 per cent, and Yangzijiang Shipbuilding, up 1.4 per cent.

Markets elsewhere were mixed ahead of Thanksgiving in the United States. Indexes in Australia, Taiwan and Malaysia slipped between 0.1 and 0.6 per cent, but shares in South Korea and Hong Kong rose, following overnight gains on Wall Street driven by better inflation data.

The S&P 500 added 0.4 per cent and is up almost 9 per cent in November and 19 per cent for the year. The Dow Jones Industrial Average put on 0.5 per cent, while the tech-focused Nasdaq advanced 0.5 per cent, bringing its gains for the year to 36 per cent.

“Investors have reasons to be thankful this week with rising stocks, cooling inflation (and) declining Treasury yields,” said SPI Asset Management managing partner Stephen Innes.

“The American consumer remains resilient, consistently contributing to economic growth even during challenging times,” he added, but noted that the upcoming Black Friday shopping day would be a test of consumer resilience.

“Various retailers have provided cautious or disappointing fourth-quarter outlooks, casting a shadow over the crucial holiday season as the most significant shopping day of the year, Black Friday, approaches.” THE BUSINESS TIMES