Singapore stocks close flat ahead of Fed interest rate decision
The STI ends the day flat; the iEdge Singapore Next 50 Index is 0.1% lower
[SINGAPORE] Singapore stocks ended lower on Wednesday (Dec 10), ahead of a policy decision by the US Federal Reserve.
The benchmark Straits Times Index (STI) was flat, shedding 1.34 points to close at 4,511.90. The iEdge Singapore Next 50 Index lost 0.1 per cent or 1.56 points, ending the day at 1,435.02.
The three local banks had a mixed showing. OCBC led the gainers on Singapore’s blue-chip index, rising 0.9 per cent or S$0.16 to end at S$18.95. DBS was flat at S$54.12, while UOB finished 0.3 per cent or S$0.10 lower at S$34.18.
The worst performer among STI constituents was DFI Retail , falling 2 per cent or US$0.08 to close at US$3.99.
The top performer on the iEdge Singapore Next 50 was iFast , which rose 2.9 per cent or S$0.27 to S$9.57. The index’s biggest loser was Nanofilm , which was down 2.5 per cent or S$0.015 at S$0.585.
Across the broader market, losers outnumbered gainers 243 to 238 after one billion securities worth S$1 billion changed hands.
Key regional indices were mixed on Wednesday. Hong Kong’s Hang Seng Index gained 0.4 per cent, while Japan’s Nikkei 225 index lost 0.1 per cent, South Korea’s Kospi was down 0.2 per cent and the FTSE Bursa Malaysia KLCI shed 0.2 per cent.
Equities remain “mixed and languid” as the Fed starts its two-day meeting, said Neil Wilson, UK investor strategist at Saxo Bank. This is amid a bond market sell-off that has taken on bets that global central banks are turning hawkish rather than dovish.
“Wall Street edged lower yesterday in cautious trade,” Wilson noted. “Alphabet and Meta dipped while Nvidia, Microsoft and Broadcom rose.”
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