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Singapore stocks: STI resumes Thursday afternoon at 3,128.75, up 0.2% on day
THE Singapore market fared better than most of its regional counterparts as investors digested the US Federal Reserve July meeting minutes for clues on the interest rate outlook ahead of Fed chair Jerome Powell's Jackson Hole speech.
Singapore's Straits Times Index (STI) was trading at 3,128.75, up 6.18 points or 0.2 per cent, as at 1.05pm on Thursday.
It was mixed elsewhere in the Asia-Pacific. Markets in Australia and Malaysia were up, Japan was flat, and China, Hong Kong, Japan and South Korea were down.
"The last 24 hours have delivered lots of central bank minutes for markets to absorb - but the net result seems to be more easing coming across the world," said ING's Asia-Pacific chief economist Robert Carnell.
Mr Carnell added that while the last rate cut was an insurance rate cut, and minutes from July's meeting support that proposition, "there is at most another 25 or 50 bonus point (cut) if you are really generous, of easing to come".
Shortly after the afternoon session commenced, volume on the Singapore bourse clocked in at 688.35 million securities traded and a total turnover of S$408.86 million. Volume is on track to beat its respective seven-month daily averages while turnover is likely to miss.
Across the market, decliners outpaced advancers 164 to 143. The bluechip index had 15 of the 30 counters in trading in the red.
Yangzijiang Shipbuilding shares have remained actively traded since trading resumed last Thursday, down 2.5 Singapore cents or 2.6 per cent lower at 94 cents with 22.7 million shares changing hands. It is the most active of the STI counter.
Thai Beverage continued its advance, gaining 1.5 Singapore cents or 1.6 per cent to trade at 94 cents. The food and beverage player has continues to build on its lead as the STI's top performer in 2019.
The local banks ended mixed. DBS Group Holdings shares were slightly lower, dipping two Singapore cents or 0.1 per cent to S$24.56. Meanwhile, OCBC Bank edged up two Singapore cents or 0.2 per cent to S$10.68 and United Overseas Bank traded at S$24.81, up five cents or 0.2 per cent.