Singapore stocks track regional losses on weaker sentiment; STI down 0.4%
Losers pipped gainers 280 to 253 on still-solid trade of 1.8 billion securities worth $1.9 billion.
SINGAPORE – Regional investors went into a defensive mode on Aug 14 after a buoyant few days that saw stocks rally on hopes for US interest rates cuts.
The subdued mood sent the Straits Times Index (STI) down 0.4 per cent or 16.24 points to 4,256.52 while losers pipped gainers 280 to 253 on still-solid trade of 1.8 billion securities worth $1.9 billion.
The STI's top gainer was Jardine Matheson Holdings, up 2 per cent to US$58.51, with ST Engineering the chief laggard, down 6.3 per cent to $8.40, despite a 19.7 per cent increase in first-half net profit.
The banks ended mixed: DBS fell 1.9 per cent to $50.49; UOB rose 0.5 per cent to $36.36; and OCBC added 0.7 per cent to $16.92.
It was mostly red ink across the region despite a positive session on Wall Street overnight.
Chinese stocks fell over the ongoing tariff uncertainty, with Hong Kong's Hang Seng Index slipping 0.4 per cent and the Shanghai Composite down 0.5 per cent.
While South Korea's Kospi closed flat, Japan's Nikkei 225 lost 1.5 per cent Malaysian shares dipped 0.4 per cent. Australia bucked the trend, adding 0.5 per cent to a 100-day high
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The mixed results come amid growing
expectations that the US Fed will cut rates by 50 basis points in September.
eToro market analyst Josh Gilbert said a cut would be a positive development for global markets.
'Interest rate cuts are usually good news for equity markets because we are probably going to see more capital flow back into markets,' he said.
However, Mr Gilbert noted that the US economy is showing signs of slowing, with recent jobs data weaker than expected. This could prompt the Fed to act.
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