STI down 0.1% amid rebound in regional markets

SINGAPORE stocks have dipped at the closing bell on Wednesday (Nov 23), even as most Asian indices experienced a mid-week rebound. The Straits Times Index (STI) fell 0.1 per cent or 3.57 points to end the day at 3,255.99.

Advancers beat decliners 282 to 240 in the broader market, after 1.1 billion securities worth S$822.8 million changed hands.

Regional markets mirrored Wall Street gains ahead of the holiday shopping season. Hong Kong’s Hang Seng Index also climbed 0.6 per cent, while South Korea’s Kospi rose 0.5 per cent.

The Jakarta Composite Index added 0.3 per cent while the Kuala Lumpur Composite Index edged up 0.2 per cent.

On the STI, Jardine Matheson came out tops, gaining 2.5 per cent or US$1.16 to end the day at US$48.52.

Pan-Asian retailer DFI Retail Group was at the bottom of the table, ending the day down 3.2 per cent, or US$0.08, at US$2.41.

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The three local banks ended mixed. DBS lost 0.6 per cent to close at S$35.36, OCBC dipped 0.1 per cent to S$12.42, while UOB edged up 0.1 per cent to S$30.15.

IG market strategist Yeap Jun Rong said that the STI’s recent peak at 3,320 was met with some selling pressure, as “technical conditions moderated from overbought levels”. 

“That said, the near-term upward bias remains intact for now, with potential support at the 3,230 level,” he said.