Singapore stocks end flat amid regional declines

SINGAPORE shares were relatively unchanged on Tuesday (Sep 26), amid declines in the region.

The Straits Times Index (STI) inched down 0.01 per cent, or 0.33 point, to close at 3,215.07. Losers outnumbered gainers 287 to 247, with 1.1 billion securities worth S$815.8 million changing hands.

Key indices in the region were largely in the red on Tuesday. The Hang Seng Index fell 1.5 per cent, the Nikkei 225 lost 1.1 per cent, while the Kospi Composite Index shed 1.3 per cent. Meanwhile, the FTSE Bursa Malaysia KLCI rose 0.2 per cent.

Stephen Innes, managing partner at SPI Asset Management, said concerns over China’s economic stability have resurfaced, driven by the deepening financial crisis at China Evergrande Group.

He also noted a growing sense of unease over whether Chinese authorities are taking sufficient measures to support the overall economy.

Innes added that Beijing’s priorities have shifted away from purely pursuing economic growth as of late. “Instead, there is an increased emphasis on achieving technological self-sufficiency and maintaining financial stability.”

SEE ALSO

Singapore shares open muted on Tuesday; STI down 0.01%

Stocks to watch: Nio, TSH Resources

On the STI, property player Hongkong Land was the top gainer, rising 1.2 per cent or US$0.04 to close at US$3.46. Yangzijiang Shipbuilding was the top decliner, falling 2.9 per cent or S$0.05 to S$1.66.

The trio of local banks saw mixed trading on Tuesday. DBS gained 0.2 per cent or S$0.06 to S$33.51, while OCBC climbed 0.3 per cent or S$0.04 to S$12.76. Meanwhile, UOB slipped 0.2 per cent or S$0.05 to S$28.40.