STI up 0.5%, bucking regional losses

SINGAPORE stocks ended higher on Monday (Aug 22), bucking regional losses after major US indices logged its first weekly decline in a month to break its four-week winning streak.

The benchmark Straits Times Index (STI) gained 0.5 per cent or 16.06 points to 3,262.57, while major indexes in Hong Kong, Japan, South Korea and Australia closed between 0.5 per cent and 1.2 per cent lower.

Across the broader market, losers outnumbered gainers 252 to 206 after 1.31 billion shares worth S$1.09 billion changed hands.

IG market strategist Yeap Jun Rong said the rollover in Wall Street could have left a negative backdrop for the Asia session, with some de-risking playing out ahead of the key Jackson Hole Symposium this week.

He then turned his attention to Hong Kong’s Hang Seng Index, which he noted is back to retest the lower consolidation base for the third time after trading largely within consolidation over the past 1 month.

“The overall trend seems to remain downward bias, with any break below the 19,470 level driving the formation of a new lower low and potentially opening the door to further downside towards the 18,800 level next,” he added.

Among STI constituents, Keppel DC Reit was the top decliner, finishing 2 per cent or S$0.04 lower at S$1.97.

Also performing poorly were Wilmar International and ST Engineering, which fell 1.4 per cent and 1.3 per cent respectively to close at S$4.11 and S$3.88.

Meanwhile, 2 among the trio of local banks topped the STI performance table. DBS gained 2.3 per cent or S$0.75 to end at S$32.79, while UOB closed up 2 per cent or S$0.53 at S$27.33.

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OCBC went the other direction, however, with a 0.3 per cent or S$0.03 drop to its value. Its shares traded at S$12.18 at Monday’s close.