Singapore stocks buck regional trend to end lower; STI down 0.4%
Tan Nai Lun
SINGAPORE shares closed lower on Thursday (Nov 30), bucking gains in the region.
The benchmark Straits Times Index (STI) fell 0.4 per cent or 11.71 points to 3,072.99. Across the broader market, losers outnumbered gainers 300 to 280, after 1.4 billion securities worth S$1.9 billion changed hands.
Regional markets mostly ended higher. The Nikkei 225 rose 0.5 per cent, the Hang Seng Index gained 0.3 per cent, the Kospi Composite Index was up 0.6 per cent, while the FTSE Bursa Malaysia KLCI closed 0.5 per cent higher.
Stephen Innes, managing partner at SPI Asset Management, said the change in tone from the Federal Reserve regarding potential rate cuts in 2024 is “hugely significant”.
For equities, confirmation from a Fed official that cuts are indeed on the table probably seems too good to be true, he said.
“But… the explosive rally in November may hold folks back until month-end rebalancing is completed, before setting the stage for odds on Santa Rally,” Innes added.
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On the STI, Keppel Corp was the biggest gainer, rising 3.7 per cent or S$0.24 to S$6.67.
Keppel on Wednesday said it has agreed to acquire a 50 per cent stake in European real estate manager Aermont Capital for up to 356.9 million euros (S$521.8 million), with plans to subsequently acquire the remaining shares for a maximum of 575 million euros.
Meanwhile, the biggest loser was Jardine Matheson, which lost 2.2 per cent or US$0.85 to US$38.61.
The trio of local banks ended lower on Thursday. DBS fell 0.1 per cent or S$0.02 to S$31.74, OCBC lost 1.2 per cent or S$0.15 to S$12.54, while UOB slipped 0.4 per cent or S$0.10 to S$27.22.
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