Singapore stocks close lower on Wednesday, STI down 0.2%
Uma Devi
LOCAL shares fell on Wednesday (Oct 11) as trader behaviour in the stock markets reflected cautious sentiments. This contrasted with the regional rally, which came after reports of a dovish shift in tone from US Federal Reserve officials on interest rate hikes.
The Straits Times Index lost 0.2 per cent or 6.2 points to close at 3,192.87. Across the broader market, advancers outpaced decliners 333 to 223 after 1.3 billion securities worth S$899.1 million changed hands.
Across the region, markets ended the day in the black. The Bursa rose 0.1 per cent, the Nikkei 225 added 0.6 per cent, and the Hang Seng Index gained 1.3 per cent. The Kospi and ASX 200 gained 2 per cent and 0.7 per cent, respectively.
SPI Asset Management managing partner Stephen Innes said that if officials still push against a rate hike in the light of the steady rise in yields, markets will “continue to fade the hawkish repricing that policymakers are tentatively equating to a rate hike”.
“With so many Fed speakers taking the podium, any rate hike comment could swing the pendulum in the other direction,” he said.
On the local bourse, Nio was Wednesday’s top gainer. The stock added 3.7 per cent or US$0.31 to close at US$8.80.
Frencken Group was another top advancer, adding 7.4 per cent or S$0.08 to S$1.16. The stock was also among the most actively traded stocks for the day, with 8.8 million shares traded.
Jardine Matheson Holdings was the day’s biggest loser, shedding 5.1 per cent or US$2.31 to US$42.92.
Among the trio of local banks, DBS lost 0.7 per cent or S$0.25 to S$33.72, and UOB fell 0.2 per cent or S$0.06 to S$28.50. OCBC , meanwhile, closed flat at S$13.00.
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