Singapore equities slide on Wednesday; STI declines 0.3%
The benchmark Straits Times Index (STI) declined 0.3 per cent or 10 points to 3,871.05.
Across the broader market, gainers beat losers 279 to 229, as 1.1 billion securities worth S$1.3 billion changed hands.
Regional indices ended mostly higher. Hong Kong's Hang Seng Index climbed 2.3 per cent and South Korea's Kospi advanced 1.2 per cent. The Bursa Malaysia Kuala Lumpur Composite Index gained 0.1 per cent. Conversely, Japan's Nikkei 225 slid 0.1 per cent.
Back home, STI was topped by defence and technology group ST Engineering , which added 1.4 per cent or S$0.10 to close at S$7.19. It recouped some losses from Tuesday, when it was the STI's biggest loser.
Chang beer maker Thai Beverage was at the bottom of the index, falling 3 per cent or S$0.015 to S$0.48.
Local banking stocks largely fell. DBS ticked slightly up by S$0.02 to S$44.25, while UOB declined 0.3 per cent or S$0.10 to S$35.27. OCBC dropped 1 per cent or S$0.17 to S$16.18.
OCBC Investment Research's equity research team expects short-term volatility in the local markets to remain, but 'healthy fundamentals will continue to provide some support over the longer term'.
'Singapore banks should form a core part of a well-diversified portfolio as healthy yearly dividends and share buyback programmes should provide good price support – essentially in this environment of heightened trade and geopolitical tensions,' said the team in a note.
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Straits Times
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Straits Times
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