STI slips 0.3%, tracking lacklustre showing at most regional bourses
Add BT as a preferred source
Tay Peck Gek
DeeperDive is a beta AI feature. Refer to full articles for the facts.
SINGAPORE’S blue-chip barometer slipped on Friday (Nov 17), tracking the lacklustre showing at most bourses in Asia-Pacific. This came after a muted performance at Wall Street the night before.
Clocking a decline of 8.38 points or 0.3 per cent, the Straits Times Index (STI) closed the session at 3,124.67 points. However, the gauge managed to eke out a slim gain of 0.6 per cent week on week.
Vishnu Varathan, Mizuho Bank’s head of economics and strategy, attributed Wall Street’s overnight sluggish showing to a loss of confidence about a sufficiently soft landing and a corresponding slip in United States Treasury yields. These chipped away at a propensity for equity gains.
Varathan cited Walmart’s warnings of “deflation” from softened pricing power to say that emerging consumer fragilities amid tightening credit conditions may arguably also be lifting the veneer of overdone “soft landing” confidence.
Jardine’s STI constituents were mostly in the red, led by Jardine Matheson Holdings ’ 3.4 per cent slide, or US$1.40, to US$39.80. Hongkong Land was 2.7 per cent lower, or US$0.09, at US$3.29 and DFI Retail Group dipped 2.1 per cent, or US$0.05, to US$2.30, rounding out the top three index losers.
Singtel shares closed 2.1 per cent lower, or S$0.05, at S$2.33 after the Singapore telecommunications operator on Thursday clarified that the Nov 8 Optus network outage in Australia was not caused by the upgrade of Singtel Internet Exchange, STiX. It was correcting recent media reports indicating that “changes to routing information” from STiX, following a routine upgrade, led to Optus’ 14-hour-long network meltdown last week.
SEE ALSO
Navigate Asia in
a new global order
Get the insights delivered to your inbox.
Overall, 310 counters dipped while 294 were higher across the broader market, with 928.4 million securities valued at a total of S$676.1 million transacted.
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Copyright SPH Media. All rights reserved.
