Singapore stocks decline amid mixed regional showing
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In the broader market, losers beat gainers 308 to 257 after 1.3 billion securities worth $1 billion changed hands.
PHOTO: ST FILE
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SINGAPORE - The Straits Times Index (STI) fell 0.2 per cent, or 6.49 points, to 3,207.72 on Thursday as regional markets had a mixed showing.
In the broader market, losers beat gainers 308 to 257 after 1.3 billion securities worth $1 billion changed hands.
Regional stocks were mixed on Thursday. Japan’s Nikkei 225 was up 0.4 per cent, while South Korea’s Kospi was down 0.5 per cent and Hong Kong’s Hang Seng Index declined 1.9 per cent.
Oanda Asia-Pacific senior market analyst Kelvin Wong noted that Chinese benchmark stock indexes and their proxies have shed some of their earlier “China reopening theme play” gains.
“The key reasons for such weakness have been lacklustre leading economic data from China and the ‘inaction’ of the People’s Bank of China to implement more accommodative monetary policies,” he said.
In addition, he noted that other Asia-Pacific ex-Japan stock indexes are indirectly intertwined with the performance of the Chinese stock market.
He also found that the movement of the USD/CNH (US dollar-offshore renminbi pair) has a high degree of correlation with China equities and these indexes.
“(The) positive momentum factor remains intact for USD/CNH, which may add further potential headwinds for China and Asia ex-Japan equities,” he said.
On the STI, UOB was the top gainer, rising 1.2 per cent, or 33 cents, to $28.16.
The other local banks were also in the black. DBS Group Holdings rose 0.7 per cent, or 21 cents, to $31.61, while OCBC Bank rose 0.4 per cent, or five cents, to $12.25.
DFI Retail Group was at the bottom of the table, shedding 3 per cent, or nine US cents, to close at US$2.87. THE BUSINESS TIMES
