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STI loses early gains to close flat

US possible action on Hikvision dents the already fragile investor confidence; STI closes 0.12 point lower at 3,183.14

Published Wed, May 22, 2019 · 09:50 PM

NEWS reports that Washington is considering Huawei-like sanctions on another Chinese tech firm, Hikvision, saw Singapore shares erase early gains to close flat.

The local market had a bright start, recovering from Tuesday's knee-jerk reaction to first quarter gross domestic product missing street expectations and a lowered growth outlook. Investors were also buoyed by the US' Huawei ban being lifted for 90 days.

The Straits Times Index (STI), which dipped into negative territory in the late session, recovered to close at 3,183.14, down 0.12 point.

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