STI slips 0.1% on Monday, bucks regional trend
Across the broader market, advancers outnumber decliners 329 to 226 after 1.6 billion shares worth S$1.8 billion change hands
[SINGAPORE] The Straits Times Index (STI) closed lower on Monday (Nov 10), as regional indices finished higher.
The STI slipped 0.1 per cent or 4.11 points to 4,488.13. The iEdge Singapore Next 50 Index also closed lower, falling 0.3 per cent or 4.31 points to 1,448.93.
Across the broader market, advancers outnumbered decliners 329 to 226 after 1.6 billion shares worth S$1.8 billion changed hands.
The trio of local banks ended the day mixed.
DBS was down 1.3 per cent or S$0.71 at S$54.27, but was trading ex-dividend of S$0.75 per share. UOB declined 0.5 per cent or S$0.18 to S$33.68, while OCBC rose 2.3 per cent or S$0.41 to S$18.19.
Genting Singapore was the top gainer on the STI, up 3.4 per cent or S$0.025 at S$0.77.
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The biggest loser was ST Engineering , which slipped 1.3 per cent or S$0.11 to S$8.18.
Major regional indices were up on Monday.
South Korea’s Kospi closed 3 per cent higher and Japan’s Nikkei 225 increased 1.3 cent. Hong Kong’s Hang Seng Index was up 1.6 per cent and Malaysia’s KLCI rose 0.5 per cent.
Jose Torres, senior economist at Interactive Brokers, said there is mounting pressure to strike a deal that would end the US government shutdown ahead of the holiday shopping system.
The stand-off is weighing on earnings expectations, which makes sustaining equity valuations a problem.
“Furthermore, the lack of revenues for individuals and firms dependent on the public sector via jobs, financial assistance, contracts and purchases is threatening to hamper the pace of economic growth and limit corporate profitability,” Torres added.
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