Singapore shares down amid mixed regional showing on Monday; STI drops 0.5%
While most Asian equities closed higher , encouraged by the latest US-EU trade deal and signs that Washington's truce with Beijing will extend, markets such as Japan and Malaysia bucked the trend.
KLCI closed 0.3 per cent lower while Nikkei 225 ended the day 1.1 per cent lower, the most since Jul 1.
The political situation remains uncertain in Japan after the incumbent Liberal Democratic Party lost its majority in the upper house elections on Jul 20. Prime Minister Shigeru Ishiba has signalled he intends to stay in office, brushing aside the growing number of calls for him to resign.
'While political uncertainty surrounding PM Ishiba's potential resignation may introduce volatility, markets expect policy continuity,' Eastspring Investments, the US$256 billion asset management business of Prudential, said in a report published on Monday.
Singapore's benchmark Straits Times Index (STI) fell 0.5 per cent or 19.92 points to end at 4,241.14. Across the broader market, gainers beat losers 290 to 276, with around two billion securities worth S$1.4 billion changing hands.
Keppel DC Reit was the top blue-chip gainer, rising 2.2 per cent or S$0.05 to S$2.37. Jardine Matheson was the biggest decliner, slipping 2 per cent or US$1.14 to US$55.32.
The trio of local banks ended lower. DBS fell 0.8 per cent or S$0.40 to S$48.66; OCBC dropped 0.5 per cent or S$0.08 to S$17.10; and UOB shed 0.7 per cent or S$0.25 to close at S$36.90.
The rest of Asian markets were mostly higher. In Greater China, Hong Kong's Hang Seng Index is the leader in Asian bourses, with a 0.7 per cent increase while Shenzhen Component rose 0.4 per cent. That's after the South China Morning Post reported that the US and China are expected to extend their trade truce by another three months. South Korea's Kospi rose as well, also by 0.4 per cent.
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