Singapore shares fall on Wednesday; STI down 1.1%
Yong Hui Ting
SINGAPORE shares finished Wednesday (Oct 18) lower, reversing gains from the day before.
The benchmark Straits Times Index (STI) slipped 35.21 points or 1.11 per cent to 3,136.62. Across the broader market, decliners outnumbered advancers 354 to 231 as 1.2 billion securities worth S$943 million changed hands.
Markets within the Asia-Pacific finished mostly higher, except for the Hong Kong and Chinese markets. The Hang Seng Index on Wednesday fell 0.2 per cent to 17,732.52, while the SSE Composite Index dropped 0.8 per cent to 3,058.71.
This comes after China’s third-quarter GDP data showed a 4.9 per cent improvement year on year, lower than the previous quarter’s 6.3 per cent expansion, but higher than analysts’ expectations.
The Chinese market could be in for a bumpy recovery, said Charu Chanana, market strategist at Saxo, given that the property-sector overhang in China could still keep consumer and investment confidence weak.
“Adding to downside risks are also the expanded US chip curbs and a deteriorating global growth outlook,” she said, noting that the appreciation of the yuan could be short-lived as China’s momentum remained weak.
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In other parts of Aisa, the Nikkei 225 closed Wednesday marginally higher, up 0.01 per cent to 32,042.25. The Kospi rose 0.1 per cent to 2,462.60, and the ASX 200 gained 0.3 per cent to 7,077.60. Malaysia’s KLCI closed up 0.1 per cent to 1,446.54.
Among the top gainers on the Singapore bourse were United Overseas Insurance (UOI) – UOB’s insurance subsidiary – as well as the Shanghai-headquartered EV maker, Nio . Shares in UOI rose 1.3 per cent or S$0.08 to S$6.20, and Nio’s shares rose 0.6 per cent or US$0.05 to US$8.49.
Jardine Matheson fell for a third straight day, down 1.2 per cent or US$0.50 to US$41.86.
All three local banks also ended Wednesday in negative territory. OCBC ’s shares fell 0.9 per cent to S$12.95. Earlier in the day, the lender announced a new appointment – Wang Ke, as its new head of Greater China, replacing Tan Wing Ming, who will return to Singapore to be an adviser to the group CEO.
Shares in UOB dipped 0.7 per cent at the close to S$28.10, and DBS finished 0.3 per cent lower, at S$33.35.
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