STI closes flat on Tuesday as regional peers gain

[SINGAPORE] The Straits Times Index (STI) closed flat on Tuesday (Sep 16), down 0.68 point at 4,337.74, as regional indices gained.

Across the broader market, decliners outnumbered advancers 278 to 256 after 1.5 billion shares worth S$1.4 billion changed hands.

The trio of local banks ended the day mixed. DBS was up 0.3 per cent or S$0.13 at S$51.53; UOB was down 0.4 per cent or S$0.14 at S$35.12, and OCBC closed lower by 0.1 per cent or S$0.02 at S$16.80.

DFI Retail was the top gainer on the STI, rising 1.8 per cent or US$0.06 to US$3.36.

The biggest loser was CapitaLand Investments , which fell 1.4 per cent or S$0.04 to S$2.73.

Across the region, most major indices gained on Tuesday, with the Kospi up 1.2 per cent and the Nikkei 225 up 0.3 cent. Hong Kong’s Hang Seng Index closed flat.

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Interest in tech, easing trade tensions and expectation for an interest rate cut from the US Federal Reserve has sent US markets rallying as investor confidence is bolstered, said Jose Torres, senior economist at Interactive Brokers.

“Inflation expectations and geopolitical conditions were aided by US officials meeting with representatives from New Delhi and Beijing soon, including a Friday conversation scheduled between presidents Trump and Xi,” said Torres, referring to US President Donald Trump and Chinese President Xi Jinping.

Analysts are forecasting that the US economy will maintain its momentum and fortify the outlook for corporate earnings growth. Investors are hoping that the Thursday policy announcement will focus on increased unemployment risk over stronger price momentum.