Singapore shares slip ahead of US inflation report; STI down 0.1%

THE Straits Times Index (STI) dipped 0.1 per cent or 3.73 points to 3,267.78 on Thursday (Jan 12), as the trio of Singapore banks stuttered ahead of the release of US inflation data.

DBS fell 0.4 per cent or S$0.14 to close at S$34.50, UOB lost 0.6 per cent or S$0.17 to S$29.92, and OCBC ended 1 per cent or S$0.12 lower at S$12.56.

In the wider Singapore market, gainers outnumbered losers 285 to 235, with 1.13 billion securities worth S$1.04 billion traded.

Key Asian markets mostly finished higher. Hong Kong’s Hang Seng Index, the Shanghai Composite Index, Japan’s Nikkei 225, South Korea’s Kospi and the FTSE Bursa Malaysia KLCI rose between 0.01 per cent and 0.4 per cent.

“People seem to have simplified life to one single data release at a time,” said ACY Securities chief economist Clifford Bennett.

“We should always be seeking to determine the overall shift occurring in the economy for a guide on what should be reasonable pricing in the future for relevant markets,” he added. “Markets seem to have lost that nuanced approach, however.”

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The top performer on Singapore’s blue-chip index was Sats, which climbed 2.5 per cent or S$0.07 to S$2.88.

At the bottom of the table was DFI Retail Group, which fell 3.8 per cent or US$0.12 to US$3.03.

The most heavily traded counter among the constituent stocks was Genting Singapore. The counter rose 1 per cent or S$0.01 to S$1.00, after 51.4 million shares changed hands.