Singapore stocks end lower ahead of Fed decision; STI down 0.2%
Mapletree Logistics Trust is the top gainer on the benchmark index, rising 2.3%
[SINGAPORE] Singapore stocks ended lower on Wednesday (Oct 29), ahead of the US’ monetary policy decision at this month’s Federal Open Market Committee (FOMC) meeting.
The benchmark Straits Times Index (STI) lost 0.2 per cent or 10.15 points to finish at 4,440.21. Meanwhile, the iEdge Singapore Next 50 Index gained 0.5 per cent or 6.63 points to 1,459.98.
Across the broader market, gainers outnumbered losers 226 to 203, after 917.7 million securities worth S$1.3 billion changed hands.
Key regional indices were mixed. The Nikkei 225 gained 2.2 per cent and the Kospi Composite Index rose 1.8 per cent, while the FTSE Bursa Malaysia KLCI lost 0.1 per cent.
Stephen Innes, managing partner at SPI Asset Management, noted that the MSCI AC Asia Index edged higher on Wednesday, carried by the same silicon tide that has powered global markets all year.
But even with Japan and South Korea leading the charge, more names fell than rose, he added.
BT in your inbox
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
While markets have already priced in an interest rate cut, they are keeping their eyes on the results of the FOMC meeting ending on Wednesday.
“This meeting may be far from the ‘low-impact’ event that consensus suggests,” he said. “The cut is priced, but the tone – that’s where the real money will trade.”
On the STI, Mapletree Logistics Trust was the top gainer, rising 2.3 per cent or S$0.03 to S$1.36.
Mapletree Pan Asia Commercial Trust was the biggest decliner, falling 1.3 per cent or S$0.02 to S$1.47.
The local banks ended lower. DBS lost 0.6 per cent or S$0.35 to end at S$53.70, OCBC fell 0.3 per cent or S$0.05 to S$16.85, and UOB was down 0.1 per cent or S$0.04 at S$34.90.
Copyright SPH Media. All rights reserved.
