STI dips 0.08% despite Wall Street rally

THE Straits Times Index (STI) ended Wednesday down 2.05 points or 0.08 per cent at 2,561.04, even as the global mood improved after US stocks closed Tuesday at a record high.

Wilmar International was top gainer for the day, gaining S$0.09 or 1.89 per cent to close at S$4.86. 

The agri-business group is listed as one of RHB's top buys, as RHB said that Wilmar International's "diversified business with exposure to consumer-pack products helps to offset weakness in other businesses", and that the potential initial public offering of Yihai Kerry Arawana - Wilmar International's Chinese unit - "by end-2020 is a key catalyst".

At the bottom of the STI's performance table was Singapore Airlines (SIA), which declined S$0.10 or 2.69 per cent to close at S$3.62. This comes even as the SIA group on Tuesday said travellers from nine new cities will now be allowed to transit through Singapore, and that it has increased the frequency of selected services in its passenger network over the next three months.

Decliners outnumbered advancers 248 to 171  for the day, with 1.85 billion securities worth S$1.12 billion changing hands.

Asian markets similarly bucked the trend of the Wall Street rally. The Jakarta Composite Index dipped 0.42 per cent to close at 5,272.81. Both the benchmark Shanghai Composite Index (SSE Index) and the Hang Seng Index (HSI) also closed down on Wednesday, as China-US trade tensions continue to escalate.

US President Donald Trump said on Tuesday that he postponed trade talks with China originally scheduled for last weekend, adding that he "(doesn't) want to talk to China right now".

The SSE Index fell 1.24 per cent to close at 3,408.13, while the HSI eased 0.74 per cent to 25,178.91, with trading cancelled in the morning owing to a strong typhoon in the city.

The Nikkei 225 Index, however, ended its two-day decline and rose 0.26 per cent to 23,110.61.