STI down 0.54% amid mixed regional showing

THE Straits Times Index (STI) ended down 0.5 per cent or 17.08 points at 3,128.69 amid a mixed regional showing on Wednesday (July 13).

Advancers beat decliners 231 to 224 in the broader Singapore market, with 1.09 billion securities worth S$1 billion changing hands during the session.

In Japan, the benchmark Nikkei 225 index was up 0.5 per cent, rebounding from sharp falls the previous day. South Korea’s Kospi rose 0.47 per cent as the central bank raised interest rates within expectations.

Hong Kong’s Hang Seng Index shed 0.2 per cent, the Kuala Lumpur Composite Index lost 1 per cent, while the Jakarta Composite Index fell 1.2 per cent.

IG market strategist Yeap Jun Rong said some wait-and-see could be playing out in the Asia session as all eyes remain on headline inflation data to be released in the US later in the day.

“It seems that markets could go both ways with the US consumer price index data release, with potential jitters to be found in the 8.8 per cent headline increase expected, which may mark another 40-year high for prices.

“Thus far, headline consumer prices since February 2021 have been either matching consensus or coming in higher-than-expected, thus leaving the risks of any upside surprise highly intact,” he said.

Jardine Cycle & Carriage was the biggest loser on the STI, falling 2.1 per cent or US$0.58 to US$26.60.

The 3 local banks were also in the red. DBS fell 1.9 per cent or S$0.59 to S$30.14, UOB ended the day 1.6 per cent or S$0.43 lower at S$26.36, while OCBC shed 0.7 per cent or S$0.08 to close at S$11.41.

SEE ALSO

Asia: Markets fluctuate as oil, euro struggle on recession fears

US: Stocks fall again amid anxiety over upcoming price data

Mapletree Logistics Trust was at the top of the table, gaining 2.3 per cent or S$0.04 to close at S$1.75.