Singapore stocks in the red amid regional rout; STI down 0.2%
Yong Jun Yuan
SINGAPORE shares declined on Wednesday (Feb 22) along with major regional markets, after Wall Street saw its largest single-day fall in 2023 overnight.
The Straits Times Index (STI) fell 0.2 per cent or 6.82 points to 3,300.04. Across the broader market, losers beat gainers 304 to 246 after 1.7 billion securities worth S$1.3 billion changed hands.
Major Asian markets were in the red on Wednesday. Japan’s Nikkei 225 fell 1.3 per cent, Hong Kong’s Hang Seng Index shed 0.5 per cent and South Korea’s Kospi declined 1.7 per cent.
IG market analyst Yeap Jun Rong noted that the US two-year and 10-year yields rose overnight, after the flash US Purchasing Managers’ Index showed higher-than-expected figures.
“The recent stream of economic data has been pointing towards resilience in US economic conditions. While the narrative has been one of ‘no landing’ as opposed to the previous ‘hard landing’, interest rate expectations are also seeing a hawkish recalibration as a result,” he said.
On the STI, Yangzijiang Shipbuilding was the top gainer for the second day in a row, rising 3.1 per cent or S$0.04 to S$1.35.
Coming out on the bottom of the index was Mapletree Logistics Trust , which shed 1.8 per cent or S$0.03 to S$1.66.
The trio of local banks ended Wednesday with mixed results. UOB was the sole gainer among the three, and was up 1.1 per cent or S$0.34 to S$30.99. DBS shed 0.6 per cent or S$0.20 to S$34.66, and OCBC fell 1.1 per cent or S$0.14 to S$12.90.
