Singapore stocks dip 0.1% as rout in regional markets continues ahead of FOMC decision
Tay Peck Gek
THE Singapore stock market started higher but failed to sustain the momentum, ending Wednesday (Jun 15) marginally lower, as the rout continued to grip most regional key indices.
The key gauge Straits Times Index (STI) edged down 0.1 per cent or 3.04 points to 3,105.85, logging a third straight day of trading loss.
Oanda’s senior market analyst Jeffrey Halley noted that Asia, except China, was completely ignoring the rally by American index futures.
“That suggests to me that Asian investors are overweighting on cash ahead of the FOMC (Federal Open Market Committee) tonight,” he said.
The US central bank will publish its decision at 2 am on Thursday (Singapore time) through the FOMC, its monetary policymaking branch, on its policy rate — a benchmark that moves global securities markets and affects lending rates.
Topping the chart of active counters on the Singapore bourse was food technology company Oceanus Group, after 116.5 million of its shares changed hands; the penny stock closed 5.88 per cent higher at S$0.018.
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Of the STI stocks, Thai Beverage , with its 3.03 per cent decline, was the worst performing counter. It finished trading at S$0.64.
With the market in a volatile state and investors jittery, fintech platform iFAST Corporation shares have been on a decline; the counter was down 1.64 per cent to S$4.21.
Gainers beat decliners 273 to 224 in the broader market, as 1.65 billion securities with a total value of S$1.16 billion were traded.
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