Singapore stocks track regional decline; STI down 0.4%

[SINGAPORE] Local shares ended Wednesday (Oct 8) lower, tracking a broader decline across regional markets.

The benchmark Straits Times Index (STI) shed 0.4 per cent or 15.96 points to close at 4,456.30.

Yangzijiang Shipbuilding was the index’s biggest decliner, falling 2 per cent or S$0.07 to S$3.45.

Consumer group DFI Retail , meanwhile, was the day’s top blue-chip gainer, rising 1.5 per cent or US$0.05 to US$3.35.

The three local banks ended Wednesday mixed. DBS lost 1 per cent or S$0.53 to finish at S$54.27. OCBC rose 0.1 per cent or S$0.01 to S$16.92, and UOB was up 0.03 per cent or S$0.01 at S$35.50.

Casino operator Genting Singapore was the most actively traded counter on the STI by volume, with 66.4 million units worth S$47.7 million traded. The counter fell 0.7 per cent or S$0.005 to S$0.72.

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Across the broader market, advancers outnumbered decliners 310 to 276, after 1.7 billion securities worth S$1.3 billion changed hands.

Most key indices in the region ended lower. Australia’s ASX 200 slipped 0.1 per cent; Malaysia’s KLCI was down 0.2 per cent, and Hong Kong’s Hang Seng slid 0.5 per cent.

Commenting on market sentiment, Singapore Exchange market strategist Geoff Howie said that there have been two key developments this quarter.

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First, markets have had a day to absorb the World Trade Organization’s downgrade of trade growth for next year. Second, Neel Kashkari, the incoming member of the US’ Federal Open Market Committee, also cautioned last night that slashing interest rates could trigger a burst of high inflation in the US.

Said Howie: “With so many global benchmarks sitting at major highs alongside safe-haven assets, commentators are also calling for caution. That gives added reason for today’s potentially profit-taking pullback across most Asia markets.”