SINGAPORE – Local shares bucked regional trends and rose a tad on Friday to close out a meandering week in positive territory.
The Straits Times Index (STI) ended 0.3 per cent, or 9.16 points, higher at 3,189.88. On the broader market, gainers edged out losers 246 to 243 on trade of 1.6 billion shares worth a relatively modest $836.5 million.
The gains come despite new figures showing a fall in second-quarter service receipts and yet another decline in Singapore’s monthly factory output.
They also defied a woeful session on Wall Street overnight, with the S&P 500 finishing 1.3 per cent lower while the Nasdaq plunged 1.9 per cent and the Dow Jones Industrial slid 1.1 per cent.
Saxo’s regional strategy team said investors are turning cautious ahead of United States Federal Reserve chair Jerome Powell’s speech overnight at the Jackson Hole Symposium.
Wall Street’s woes hit the region with Japan’s Nikkei 225 leading the declines, falling 2.1 per cent. The Kospi in Seoul dropped 0.7 per cent, Hong Kong’s Hang Seng lost 1.4 per cent while Malaysian stocks ticked down 0.02 per cent.
Australia’s share market slipped 0.9 per cent to hit its lowest daily close in more than six weeks as investors await the Jackson Hole speech that they fear could herald more interest rate hikes.
The Singapore Exchange fell 1.1 per cent to $9.51, while food solutions and gateway services group Sats was the STI’s biggest loser, sliding 1.2 per cent to $2.53. The mainboard-listed group’s latest results left it deeper in the red with a $29.9 million first-quarter loss.
Meanwhile, Sembcorp Industries was the STI’s top gainer, rising 2.3 per cent to $5.39. It is set to join the MSCI Singapore Index from Sept 1, after its market capitalisation crossed the $10 billion mark.
The local banks mostly ended higher: DBS Bank rose 0.3 per cent to $32.90, UOB was up 0.9 per cent to $28.08, while OCBC Bank ended flat at $12.36.
