Singapore stocks dip, tracking regional bourses, STI down by 0.2%

SINGAPORE stocks closed lower on Tuesday (Nov 7), tracking a broader fall across regional markets as investors anticipated clarity on US rate cuts.

US Federal Reserve officials, including chairman Jerome Powell, are scheduled to give speeches in the coming days, and investors are on the lookout for indications of whether rate hikes will continue.

The Straits Times Index shed 0.2 per cent or 6.72 points to close at 3,173.81. Across the broader market, decliners outnumbered advancers 340 to 282, with 1.3 billion securities worth S$889.8 million having changed hands.

The biggest gainer on the STI was Sembcorp Industries , which gained 6.3 per cent or S$0.31 to close at S$5.23.

The biggest loser on the index was property developer City Developments , which fell by 3.2 per cent or S$0.21 to close at S$6.41.

Shares of Seatrium were the most actively traded by volume for the day for the second day running. The counter closed higher at S$0.113, with 273.5 million shares worth S$30.6 million traded.

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Asia: Markets take a breather after Fed rate pause rally

Across the region, markets were in the red. The Nikkei 225 was down 1.3 per cent, and the Hang Seng Index fell by 1.7 per cent. The Kospi was down by 2.3 per cent and the ASX 200, by 0.3 per cent.

IG market analyst Yeap Jun Rong said that following stellar rallies across the region the day before, regional indices were “giving back some of their gains” on Tuesday, with a recovery in bond yields and a firmer US dollar to start the week.

Stephen Innes of SPI Asset Management said that with the Federal Reserve acknowledging the recent tightening of financial conditions, there will be less need for rate hikes in future.