Singapore shares fall on Wednesday; STI down 0.2%

THE Straits Times Index (STI) fell 0.2 per cent or 5.1 points to 3,078.78 as regional markets closed mixed on Wednesday (Oct 25).

Across the broader market, gainers beat losers 300 to 298 after 1.2 billion securities worth S$799.9 million were traded.

Among major regional markets, Japan’s Nikkei 225 index gained 0.7 per cent, while Hong Kong’s Hang Seng Index rose 0.6 per cent and South Korea’s Kospi fell 0.9 per cent.

IG market analyst Yeap Jun Rong noted that US 10-year Treasury yields continued to soften overnight.

He said that bullish catalysts for the Asia-Pacific region include the softening US yields, as well as falling oil prices and a positive handover from Wall Street. However, investors may also be conflicted as they digest mixed US tech results post-market close, along with a strengthening US dollar.

Meanwhile, he added that lukewarm figures from the US flash Purchasing Managers’ Index (PMI) data will likely add to hopes for the US economy to have a soft landing.

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“The takeaway is that US economic conditions have stabilised in October after months of decline, as US services PMI turned higher for the first time in five months while the manufacturing sector halted its contractionary trend,” he said.

On the STI, Genting Singapore was the top gainer, rising 3.6 per cent or S$0.03 to S$0.855.

Meanwhile, UOL was at the bottom of the table, falling 2.9 per cent or S$0.17 to S$5.73.

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The trio of local banks were mixed. DBS closed flat at S$33.15, while UOB gained 0.2 per cent or S$0.06 to S$27.72, and OCBC gained 0.6 per cent or S$0.07 to S$12.84.