Singapore stocks drop 0.4% in tandem with most Apac markets
Tay Peck Gek
SINGAPORE and most markets in the Asia-Pacific closed Thursday (Mar 9) in the red, with the city-state’s key gauge Straits Times Index (STI) at 0.4 per cent or 12.35 points lower at 3,214.51 points.
These Asian-Pacific markets were bracing for a higher likelihood that the United States Federal Reserve would lift its policy rate by 50 basis points instead of 25 basis points, and possibly peak only at 6 per cent. Investors are awaiting non-farm payroll data due on Friday, which will influence the data-dependent Fed’s rates decisions.
In a report, CGS-CIMB wrote that the Singapore market is a “safe harbour”, and encouraged investors to stay nimble amid near-term market volatility driven by data.
Out of 30 components stocks of the STI, nine were higher, three were flat and the rest in the red. The banking trio, accounting for a total weighting of over 40 per cent of the blue-chip barometer, dropped by between 0.1 per cent and 0.6 per cent. UOB was S$0.16 down to S$29.31, OCBC edged S$0.01 lower at S$12.54 and DBS slipped S$0.22 to S$33.49.
Liquor company Emperador topped the STI performance tally with a 1 per cent gain to S$0.50.
The share price of Golden Energy and Resources (Gear) rose 3.4 per cent to S$0.92. The Securities Investors Association (Singapore) said that it has met Gear officials and asked that the exit offer be “raised considerably”.
Across the broader market, gainers trumped decliners 242 to 240, with a turnover of 1.8 billion securities worth S$813.6 million in total transactional value.
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