Singapore stocks close flat on Thursday as investor optimism wanes

LOCAL shares ended largely unchanged on Thursday (Jul 20), as local investor optimism remained subdued even as inflation eased broadly across global markets.

The local benchmark Straits Times Index lost 0.03 per cent or just 0.86 point to close at 3,274.38. Across the broader market, advancers beat decliners 303 to 261 after some 1.5 billion securities worth S$969 million changed hands. 

“With inflation easing and odds for a soft landing rising, investors may adopt an ‘it could have been worse mood’, so perhaps it’s unlikely risk sentiment will drift too far askew,” said SPI Asset Management’s managing partner, Stephen Innes. 

He noted that this is especially so, given the “less hawkish implications” that the global inflation reset will have on central bank interest rates. Innes added that inflation remains in focus ahead of the Federal Reserve’s meeting next week. 

On the local bourse, thinly-traded Isetan was the top gainer, rising 5.2 per cent or S$0.15 to close at S$3.05. 

Conglomerate Keppel Corporation also appeared to have struck a chord with investors for its recent announcements. The company broke ground on Wednesday for Singapore’s first hydrogen-ready co-generation plant, and on Thursday said its funds had acquired the Bank of Korea’s Sogong Annex Facility in Seoul. Keppel shares gained 1.5 per cent or S$0.10 to S$6.96.

Jardine Cycle and Carriage was the biggest loser on Thursday, falling 1.2 per cent or S$0.40 to S$33.40. 

Two of the three local lenders were also among the top decliners. UOB lost 0.8 per cent or S$0.22 to S$28.42, while DBS fell 0.6 per cent or S$0.19 to S$32.55. OCBC too fell, but by a more muted 0.2 per cent or S$0.03 to S$12.64.

Seatrium was the most actively traded counter by volume on Thursday, with about 620.2 million shares traded. The counter rose 3.5 per cent or S$0.005 to S$0.147.

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Other heavily traded counters included Genting Singapore , Thai Beverage and Rex International .