Singapore stocks close flat; STI dips 0.01%

THE Straits Times Index (STI) was little changed on Wednesday (Nov 24), ending 0.01 per cent or 0.38 point lower at 3,227.15.

Advancers outnumbered decliners 243 to 210, with 1.64 billion shares worth S$1.03 billion changing hands.

Across Asia, most markets also closed lower, amid investor concerns that the US Federal Reserve might speed up policy tightening to cope with broadening inflationary risks.

Japan's Nikkei 225 index tumbled 1.6 per cent or 471.45 points to 29,302.66, South Korea's Kospi fell 0.1 per cent or 3.04 points to 2,994.29 and the FTSE Bursa Malaysia KLCI dipped 0.04 per cent or 0.61 point to 1,522.27. Meanwhile, Hong Kong's Hang Seng Index edged up 0.1 per cent or 33.92 points to 24,685.50.

"A cautious tone may still seem to prevail for now, with sector performance suggesting that the strength is not broad-based, with the heavy-lifting once again done by the energy and financial sectors," said IG market strategist Yeap Jun Rong.

In Singapore, Mapletree Logistics Trust (MLT) M44U : M44U 0%was the biggest loser among the index constituents. Units of MLT, which resumed trading on Wednesday following news of a fundraising exercise to help pay for the acquisition of 17 logistics assets for S$1.5 billion, closed 2.1 per cent or S$0.04 lower at S$1.91.

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At the top of the STI table was Yangzijiang Shipbuilding BS6 : BS6 0%, which gained 2.3 per cent or S$0.03 to close at S$1.33. The counter was also the most heavily traded among the index constituents, with some 60.3 million shares traded.

Across the wider Singapore market, gold miner and explorer Shen Yao A78 : A78 0%, formerly known as LionGold, was the most traded counter with 254.3 million shares changing hands. Shares of Shen Yao plunged 33.3 per cent or 0.1 Singapore cent to close at 0.2 cent.

Performance of the trio of local banks was mixed on Wednesday. DBS D05 dipped 0.03 per cent or S$0.01 to S$32.38 and UOB U11 fell 0.4 per cent or S$0.12 to S$27.48, while OCBC O39 cl : O39 0%osed flat at S$11.76.