Singapore stocks fall as investors await Fed chair comments; STI down 0.2%
ST Engineering leads the gainers on the blue-chip index
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[SINGAPORE] Singapore stocks ended lower on Wednesday (Jul 1), as investors held out for upcoming comments from US Federal Reserve chair Kevin Warsh.
He is expected to speak later in the day at the European Central Bank Forum in Sintra, Portugal.
The benchmark Straits Times Index (STI) lost 0.2 per cent or 9.15 points to finish at 5,161.50.
ST Engineering led the gainers on Singapore’s blue-chip index, rising 1.6 per cent or S$0.17 to S$10.56.
The worst performer among STI constituents was DFI Retail Group , which fell 5 per cent or US$0.19 to US$3.60.
The three local banks ended mixed on Wednesday. DBS rose 0.05 per cent or S$0.03 to S$65.43, while OCBC finished 0.5 per cent or S$0.13 lower at S$24.66, and UOB fell 0.3 per cent or S$0.11 to S$39.65.
Within the iEdge Singapore Next 50 Index, PC Partner was the top gainer, rising 7.3 per cent or S$0.21 to S$3.10.
ESR Real Estate Investment Trust was the index’s biggest decliner, falling 3 per cent or S$0.07 to S$2.27.
Across the broader market, losers outnumbered gainers 233 to 198, after 806.6 million securities worth S$1.6 billion changed hands.
Key regional indices were mixed. Japan’s Nikkei 225 gained 0.6 per cent, while South Korea’s Kospi fell 2 per cent and the FTSE Bursa Malaysia KLCI was down 0.4 per cent.
Hong Kong’s Hang Seng Index was closed for a public holiday.
Ipek Ozkardeskaya, senior analyst at Swissquote bank, noted that US crude consolidated at below US$70 a barrel on Wednesday morning, “keeping inflation expectations in check”.
This came ahead of Warsh’s speech in Portugal.
“He is expected to emphasise the importance of price stability, as US labour market data points to a slowing – but not alarmingly weakening – economy,” Ozkardeskaya said.
This article has been written with the assistance of AI and reviewed by a reporter
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