Singapore stocks fall, bucking regional gains; STI down 0.2%

[SINGAPORE] Singapore stocks bucked regional gains to end lower on Tuesday (Nov 25).

The benchmark Straits Times Index (STI) lost 0.2 per cent or 11 points to finish at 4,485.63. The iEdge Singapore Next 50 Index, meanwhile, gained 0.3 per cent or 3.71 points to 1,442.38.

Across the broader market, gainers outnumbered losers 310 to 247 after 1.3 billion securities worth S$1.4 billion changed hands.

Key regional indices were largely up. Hong Kong’s Hang Seng Index gained 0.7 per cent, Japan’s Nikkei 225 index rose 0.1 per cent and South Korea’s Kospi was up 0.3 per cent.

The FTSE Bursa Malaysia KLCI, on the other hand, lost 0.4 per cent.

Asian markets tracked overnight US gains, following dovish trade winds from the US Federal Reserve.

“Asian markets walked into Tuesday’s session with a very familiar tailwind: the gravitational pull of a Fed pivot that – after weeks of second-guessing – is starting to look like more than just another false dawn,” said Stephen Innes, managing partner at SPI Asset Management.

But he noted that investors are also watching US data releases, including producer price index and retail sales, this week.

“The only thing that could break the spell in the next 48 hours is a data surprise big enough to knock the pivot narrative off its axis,” he added.

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Genting Singapore led gainers on the STI, rising 1.4 per cent or S$0.01 to end at S$0.74.

The worst performer was Hongkong Land , which fell 3.3 per cent or US$0.22 to close at US$6.36.

The three local banks ended mixed on Tuesday. DBS rose 0.2 per cent or S$0.12 at S$53.50 and OCBC was up 0.2 per cent or S$0.04 at S$18.12, while UOB finished 0.1 per cent or S$0.03 lower at S$33.86.