Singapore stocks fall for fifth day amid mixed regional trading; STI down 0.7%

SINGAPORE stocks sank for the fifth straight day on Wednesday (Oct 12), amid mixed trading in regional markets, ahead of key inflation data from the US later this week.

The benchmark Straits Times Index (STI) fell 0.7 per cent or 21.81 points to close at 3,083.19.  

Shares of Jardine Cycle & Carriage led the STI decliners, having slipped 3.6 per cent to close at S$32.69. Sats, City Development and Wilmar International were also among the top losers, falling by between 2.5 and 2.7 per cent. 

Just three index stocks ended the day higher, including DBS and UOB, which rose 0.5 and 0.3 per cent respectively. OCBC shares, meanwhile, slipped 0.6 per cent for the day.

Across the broader market, losers outnumbered gainers 333 to 203, with 1.5 billion securities worth S$1.3 billion having been traded. 

Elsewhere, stocks in Shanghai and South Korea rose 1.5 and 0.5 per cent respectively; key indices in Hong Kong, Jakarta and Kuala Lumpur slipped by between 0.4 and 0.8 per cent. Markets in Australia and Japan ended the day flat.

SEE ALSO

Hong Kong: Stocks end volatile day with losses

Tokyo: Stocks edge lower at close

Asia: Stocks dive, dollar rallies as dazed traders gird for inflation data

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Oanda senior market analyst Craig Erlam noted that investors would be keeping an eye on the US this week, with Federal Reserve meeting minutes, inflation data and the start of earnings season likely to be primary drivers.

“Any hope of a helping hand from the Fed minutes may not be forthcoming, with the commentary to an extent outdated at this point and policymakers seemingly unified in their goal of defeating inflation,” he said. “Even a good (Consumer Price Index) number tomorrow may do little to change that in the near-term.”