Singapore stocks buck regional gains on Thursday; STI down 0.3%
Jardine Matheson is the top gainer within the index, while Yangzijiang Shipbuilding falls the most
SINGAPORE stocks ended lower on Thursday (Oct 10), despite gains elsewhere in the region.
The benchmark Straits Times Index (STI) was down 0.3 per cent or 10.37 points at 3,585.29. Across the broader market, gainers outnumbered losers 313 to 250, after 1.3 billion securities worth S$1.1 billion changed hands.
The biggest decliner on the STI was Yangzijiang Shipbuilding, which lost 2.8 per cent or S$0.07 or S$2.48.
Meanwhile, the top gainer was Jardine Matheson, which rose 1.3 per cent or US$0.49 to US$39.10.
The local banking trio ended lower. DBS fell 0.2 per cent or S$0.06 to S$38.74, OCBC lost 0.3 per cent or S$0.05 to S$15.01, while UOB ended 0.03 per cent or S$0.01 lower at S$31.92.
Most key indices in the region finished higher. The Nikkei 225 gained 0.3 per cent, the Hang Seng Index rose 3 per cent, and the FTSE Bursa Malaysia KLCI was up 0.6 per cent. Meanwhile, the IDX Composite fell 0.2 per cent.
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“Stocks have been spinning like a top all week as investors grapple with the true state of the economy,” said Stephen Innes, managing partner at SPI Asset Management.
He noted that in some ways, investors have jumped the gun, expecting immediate results before the effects of the rate cuts have had time to filter through.
But Innes expects the US Federal Reserve’s easing mantra to be “a clear green light for traders to buy”.
He said: “As long as the data stays in that sweet spot – not too hot or cold – the market has a powerful tailwind at its back.”
