Asian markets down; STI sheds 0.35% to 3,283.35 points

MOST Asian markets took a dive on Monday (Jan 24), with market participants taking on a risk-off mood following a Wall Street sell-off last week.

The Straits Times Index fell 0.35 per cent or 11.51 points to close at 3,283.35. Losers beat gainers 299 to 156 in the market, with 960 million securities worth S$949 million transacted.

South Korean shares posted their biggest drop in 5 weeks, with the benchmark Kopsi down 1.49 per cent. Hong Kong's Hang Seng Index fell 1.24 per cent, while the Kuala Lumpur Composite Index fell 0.34 per cent.

Bucking the trend was Tokyo's Nikkei 225 index, which reversed earlier losses and advanced 0.24 per cent.

"Some cautious sentiments may prevail for now, as market participants may hold back on taking on more risks leading up to the Federal Open Market Committee meeting outcome," said IG market strategist Yeap Jun Rong.

The Federal Reserve's next policy meeting, which will take place on Jan 26, is expected to provide more clarity on rate hikes.

On the Straits Times Index, Singtel Z74 was the best performer, climbing 0.4 per cent or S$0.01 to close at S$2.49.

At the bottom of the table was Genting Singapore G13 , which fell 1.94 per cent or S$0.015 to S$0.76.

Shares of the local banking trio were mixed, with UOB U11 falling 1.19 per cent or S$0.36 to end at S$30.01 and OCBC O39 shedding 0.08 per cent or S$0.01 to end at S$12.3. DBS D05 gained 0.31 per cent or S$0.11 to close at S$35.66.