Singapore stocks slip on Monday as US futures fall; STI down 0.1%

[SINGAPORE] Local stocks inched down on Monday (Sep 22), as declining American indices are set to open lower, in line with falling US futures.

Futures for the S&P 500 retreated 0.3 per cent after bets on a series of interest rate cuts drove the benchmark to a fresh high at the end of last week. Traders are dialling back risk as they kick off a relatively quiet week on the data front.

After the Federal Reserve cut rates for the first time this year, this week’s data calendar looks thin, with Friday’s release of policymakers’ preferred gauge of underlying inflation the main item.

The Singapore benchmark Straits Times Index (STI) closed down 0.1 per cent or 5.34 points at 4,297.37.

Across the broader market, decliners outnumbered advancers 315 to 233 after 1.9 billion shares worth S$1.6 billion changed hands.

Jardine Matheson was the top gainer on the STI, rising 4.9 per cent or US$2.94 to US$63.49.

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The biggest loser was Hongkong Land, which declined 3.4 per cent or US$0.23 to US$6.50.

The trio of local banks closed lower. DBS ended down 0.3 per cent or S$0.17 at S$50.30. UOB dropped 0.1 per cent or S$0.02 to S$34.61 and OCBC declined 0.1 per cent or S$0.02 to S$16.44.

Across the region, major indices closed higher as concerns over the Bank of Japan’s plan to sell its exchange-traded fund holdings eased. Japan’s Nikkei 225 was up nearly 1 per cent, while South Korea’s Kospi advanced 0.7 per cent. Greater China markets were mostly higher, with the Shanghai Composite rising 0.2 per cent and the Shenzhen Component up 0.7 per cent.

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