Singapore stocks decline amid regional rout; STI falls 0.2%

THE Straits Times Index (STI) fell 0.2 per cent or 7.47 points to 3,071.31 amid declines in other regional markets on Thursday (Oct 26).

Across the broader market, gainers beat losers 294 to 285 after 1.29 billion securities worth S$1.04 billion changed hands.

Major markets were also in the red on Thursday. South Korea’s Kospi declined 2.7 per cent while Japan’s Nikkei 225 fell 2.1 per cent and Hong Kong’s Hang Seng Index shed 0.2 per cent.

SPI Asset Management managing partner Stephen Innes said that the US is expected to post strong gross domestic product figures on Thursday, reflecting the resilience of the American consumer and a robust growth trend.

This would then continue to drive Asia’s currency weakness along with escalating geopolitical risks worldwide.

“The uncertainty in the global economy continues to weigh on local risk assets but is compounded by higher US yields,” he said.

On the STI, Genting Singapore was the biggest gainer, rising 2.3 per cent or S$0.02 to S$0.875.

Frasers Logistics and Commercial Trust was at the bottom of the table. It shed 2.9 per cent or S$0.03 to S$1.

The trio of banks were mixed. OCBC ended the day up 0.1 per cent or S$0.01 to S$12.85; while DBS fell 0.03 per cent or S$0.01 to S$33.14; and UOB shed 1.6 per cent or S$0.44 to S$27.28.

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UOB reported its third-quarter earnings on Thursday. Year on year, its net profit for the quarter fell 1 per cent after accounting for one-off acquisition expenses.