Singapore stocks close flat on Thursday as investor optimism wanes
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The subdued optimism left shares largely flat, with the STI inching down 0.03 per cent or just 0.86 points to close at 3,274.38.
PHOTO: ST FILE
Uma Devi
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SINGAPORE - Investors could not find much sign of a pulse in the local market on Thursday, despite data showing inflation easing in many economies.
There was no guidance from Wall Street overnight either, with only modest rises in the Dow Jones Industrial Average (its eighth consecutive session of gains), the S&P 500 index and the tech-centric Nasdaq.
The subdued optimism here left shares largely flat, with the Straits Times Index inching down 0.03 per cent, or just 0.86 points, to close at 3,274.38. Gainers beat losers 303 to 261 in the broader market on trade of 1.5 billion securities worth $969 million.
SPI Asset Management managing partner Stephen Innes said: “With inflation easing and odds for a soft landing rising, investors may adopt an ‘it could have been worse’ mood, so perhaps it’s unlikely risk sentiment will drift too far askew.”
Mr Innes noted that this is especially so given the “less hawkish implications” that the global inflation reset will have on interest rates, adding that inflation remains in focus ahead of the United States Federal Reserve’s meeting next week.
Thinly traded Isetan was the top gainer here, rising 5.2 per cent to $3.05. Conglomerate Keppel Corp appeared to have struck a chord with investors with its recent announcements. It broke ground on Wednesday for Singapore’s first hydrogen-ready co-generation plant, and on Thursday said its funds had acquired the Bank of Korea’s Sogong Annex Facility in Seoul. Keppel gained 1.5 per cent to $6.96.
Jardine Cycle and Carriage was the biggest loser on Thursday, falling 1.2 per cent to $33.40.
Two of the three local lenders were also among the top decliners. UOB lost 0.8 per cent to $28.42, DBS fell 0.6 per cent to $32.55, and OCBC fell by a more muted 0.2 per cent to $12.64.
Seatrium was the most actively traded by volume, with 620.2 million shares traded. It rose 3.5 per cent to 14.7 cents.
Other heavily traded shares included Genting Singapore, Thai Beverage and Rex International. THE BUSINESS TIMES
