Singapore shares start week in the red; STI down 0.6%

SINGAPORE stocks declined on Monday (Aug 21) amid mixed regional indices. 

Losers outnumbered gainers 359 to 255 as 1.3 billion securities worth S$1 billion changed hands. 

The Straits Times Index (STI), the Singapore Exchange’s blue-chip barometer, fell 0.6 per cent or 19.9 points to 3,154.03. 

Regional markets ended the day mixed. Japan’s Nikkei 225 gained 0.4 per cent, South Korea’s Kospi Composite Index rose 0.2 per cent, and the FTSE Bursa Malaysia KLCI was up 0.3 per cent. 

However, Hong Kong’s Hang Seng Index slipped 1.8 per cent, as China slashed its one-year loan prime rate, but kept its five-year rate unchanged.

In Singapore, the STI’s top gainer was Thai Beverage Public Co , which rose 0.9 per cent or S$0.005 to S$0.57.

The beer and liquor giant posted a 3.4 per cent fall in earnings before interest, taxes, depreciation and amortisation for the nine months ended Jun 30. 

Meanwhile, property group Hongkong Land was the biggest loser on the index, as it dipped 2.5 per cent or US$0.09 to US$3.46. 

The trio of local banks continued to track Singapore shares’ retreat on Monday. OCBC shares shed 0.5 per cent or S$0.06 to close at S$12.21; UOB contracted 0.5 per cent or S$0.15 to S$27.78; and DBS ended the day at S$32.52, down 0.6 per cent or S$0.20. 

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Saxo’s Apac strategy team said all eyes this week will be on US Federal Reserve chair Jerome Powell’s comments at the Jackson Hole symposium, which will be held from Aug 24 to Aug 26. 

“From recent commentaries, it appears that central bankers will keep the flexibility to hike rates further, while clearly avoiding committing to (cutting) rates soon,” said the team in a note.