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Straits Times
5 hours ago
- Business
- Straits Times
Singapore shares in the red amid mixed regional showing; STI down 0.3%
SINGAPORE – Shares here declined on June 20 amid concerns over a possible US strike on Iran and the resulting dangers to oil supplies. US equity markets were closed for the Juneteenth holiday overnight, so investors here had to look elsewhere for leads and they didn't like what they saw. While news that the US has delayed any Iranian intervention for two weeks slightly eased tensions, the looming uncertainties still pushed stocks lower. 'The worsening global geopolitical weather keeps investors in a cautious mode, and will likely prevent them from taking too much risk before the weekend,' said Swissquote Bank senior analyst Ipek Ozkardeskaya. The wary mood helped send the Straits Times Index (STI) down 0.3 per cent or 10.75 points to 3,883.43 but gainers beat losers 253 to 203 on solid trade of 1.3 billion securities worth $2.2 billion. The geopolitical uncertainty did not take much of a toll on regional indexes. While Japan's Nikkei 225 and Australia's ASX 200 both slipped 0.2 per cent, the Kospi in South Korea climbed 1.5 per cent, Hong Kong's Hang Seng added 1.3 per cent and Malaysian stocks edged up 0.1 per cent. The Hang Seng Index is now nearly back to its March 2025 highs following the announcement of the trade war truce, noted Morningstar equity market strategist Kai Wang. He added that 'tariffs may again rear its ugly head' in the second half of the year, noting: 'We could see their consequences and whether earnings are under pressure as there are still headwinds to consumer confidence.' The STI's top gainer was conglomerate Jardine Cycle & Carriage, which advanced 3.3 per cent to close at $24.45, while Frasers Logistics and Commercial Trust led the blue-chip losers, falling 2.4 per cent to 81.5 cents. The three local banks were mixed: UOB edged up 0.5 per cent to $34.89; OCBC fell 0.6 per cent to $15.90; and DBS slipped 0.1 per cent to $43.88. THE BUSINESS TIMES Join ST's Telegram channel and get the latest breaking news delivered to you.
Business Times
6 hours ago
- Business
- Business Times
Singapore shares end Friday in the red amid mixed regional showing; STI down 0.3%
[SINGAPORE] Local stocks ended lower on Friday (Jun 20), amid a mixed regional performance and growing concerns over a possible US military strike on Iran. The benchmark Straits Times Index (STI) fell 0.3 per cent or 10.75 points to 3,883.43. Across the broader market, advancers beat decliners 253 to 203, with 1.3 billion securities worth S$2.2 billion changing hands. While the news that the US is giving itself two weeks to decide whether to intervene in Iran has slightly eased tensions, the looming uncertainties still pushed US and European equities lower. 'The worsening global geopolitical weather keeps investors in a cautious mode, and will likely prevent them from taking too much risk before the weekend,' said Ipek Ozkardeskaya, senior analyst at Swissquote Bank. Amid this geopolitical uncertainty, key regional indices in Asia-Pacific were mixed. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Japan's Nikkei 225 and Australia's ASX 200 both slipped by 0.2 per cent. Meanwhile, South Korea's Kospi Composite Index climbed 1.5 per cent, Hong Kong's Hang Seng Index rose 1.3 per cent and the Bursa Malaysia Kuala Lumpur Composite Index edged up by 0.1 per cent. The Hang Seng Index is now nearly back to its March 2025 highs following the announcement of the trade war truce, noted Kai Wang, Asia equity market strategist at Morningstar. He highlighted that markets were volatile from January to April due to tariff concerns and suggested that the second half of the year will highly be dependent on tariffs again, but 'tariffs may finally rear its ugly head'. 'We could see their consequences and whether earnings are under pressure as there are still headwinds to consumer confidence,' he added. The top gainer on the STI was Hong Kong-based conglomerate Jardine Cycle & Carriage (C&C), which gained 3.3 per cent or S$0.77 to close at S$24.45. The biggest decliner among the constituents was Frasers Logistics and Commercial Trust (FLCT) , which shed 2.4 per cent or S$0.02 to S$0.815. The three local banks ended mixed. UOB edged up 0.5 per cent or S$0.18 to S$34.89, OCBC fell 0.6 per cent or S$0.09 to S$15.90, while DBS slipped 0.1 per cent or S$0.05 to S$43.88.
Straits Times
a day ago
- Business
- Straits Times
Singapore stocks sink after Powell signals higher inflation; STI down 0.7%
The downbeat messaging sent the benchmark Straits Times Index (STI) sliding 0.7 per cent or 26.63 points to 3,894.18. PHOTO: ST FILE SINGAPORE – Local shares mirrored falls across global markets on June 19 amid concerns about sticky US inflation and growing unease over the escalating tensions in the Middle East. An air of pessimism set in for the trading day when US Federal Reserve chair Jerome Powell warned that consumers are expected to face higher prices due to the Trump administration's proposed import tariffs. He also dampened hopes about impending interest rate cuts in coming months. The downbeat messaging sent the benchmark Straits Times Index (STI) sliding 0.7 per cent or 26.63 points to 3,894.18 – its second straight negative session – with losers outpacing gainers 315 to 167 across the broader market on lacklustre trade of 980 million securities worth $933 million. The STI's top performer was conglomerate Jardine Matheson Holdings, up 0.9 per cent to US$46.26, while brewer Thai Beverage led the laggards, falling 3.2 per cent to 45 cents. Red ink also washed over the local banks: DBS fell 0.7 per cent to $43.93; OCBC declined 0.3 per cent to $15.99; and UOB closed 0.3 per cent lower at $34.71. Regional bourses ended mostly lower on the same concerns that were flagged here. Japan's Nikkei 225 fell 1 per cent, Malaysian shares declined 0.7 per cent, the ASX in Australia slipped 0.1 per cent and Hong Kong's Hang Seng tumbled 2 per cent. The Kospi in Seoul managed to buck the trend, adding 0.2 per cent. Wall Street put on modest gains early in the session overnight but those gains were steadily trimmed back, leaving the three key indexes largely unchanged, although there is rising concern surrounding the security of oil supplies if the Middle East conflict affects shipping in the Strait of Hormuz. Mr Suan Teck Kin, head of research at UOB Global Economics & Markets Research, said his team is still projecting three 25-basis-point rate cuts in the US – in September, October and December – and two cuts in 2026. THE BUSINESS TIMES Join ST's Telegram channel and get the latest breaking news delivered to you.
Business Times
a day ago
- Business
- Business Times
Singapore stocks sink on Thursday after Powell signals higher inflation; STI down 0.7%
[SINGAPORE] Local shares fell for a second consecutive session on Thursday (Jun 19), after US Federal Reserve chair Jerome Powell warned of 'meaningful' inflation ahead, as consumers are expected to face higher prices due to the Trump administration's proposed import tariffs. He also cautioned against placing too much confidence in the current outlook for rate cuts. The benchmark Straits Times Index (STI) lost 0.7 per cent or 26.63 points to close at 3,894.18. Across the broader market, decliners outnumbered advancers 315 to 167, with 981.1 million securities worth S$933.2 million changing hands. The top performer on the Straits Times Index (STI) was Hong Kong-based conglomerate Jardine Matheson Holdings , up 0.9 per cent or US$0.43 at US$46.26. At the other end of the index was Thai Beverage , the maker of Chang beer. The counter declined 3.2 per cent or S$0.015 to close at S$0.45. The trio of local banks were in the red. DBS was down 0.7 per cent or S$0.30 at S$43.93, OCBC declined 0.3 per cent or S$0.05 to S$15.99 and UOB closed 0.3 per cent or S$0.12 lower at S$34.71. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Elsewhere in the region, key indices ended mostly lower on Thursday, after the US Federal Open Market Committee (FOMC) left the benchmark interest rate unchanged at 4.25 to 4.5 per cent, citing a strong labour market and reduced uncertainty in the economic outlook. Japan's Nikkei 225 fell 1 per cent and the FTSE Bursa Malaysia KLCI declined 0.7 per cent. Australia's ASX 200 slipped 0.1 per cent and Hong Kong's Hang Seng tumbled 2 per cent. South Korea's Kospi bucked the trend, closing 0.2 per cent higher. Suan Teck Kin, head of research at UOB Global Economics & Markets Research, said the research team is still projecting for three 25-basis-point rate cuts in 2025, to be delivered at the September, October and December FOMC meetings. This would bring the upper bound of the Fed Funds Target Rate (FFTR) to 3.75 per cent by the end of 2025. He added that the team is also maintaining its forecast for two additional rate cuts in 2026, which would lower the terminal FFTR to 3.25 per cent that year. 'The revised 'dot plot' suggests the Fed will still cut rates two times this year, unchanged from its March outlook, though the June version shows more dispersion among the Fed members, as a result of the elevated uncertainty,' said Suan.
Straits Times
2 days ago
- Business
- Straits Times
Singapore shares dip ahead of Fed decision; STI down 0.3%
The benchmark Straits Times Index (STI) lost 0.3 per cent or 9.83 points to close at 3,920.81. PHOTO: ST FILE SINGAPORE - Stocks on the local bourse fell on Wednesday (Jun 18), tracking the mixed performance in other Asian markets, as investors awaited the US Federal Reserve's policy decision and release of its updated dot plot. The benchmark Straits Times Index (STI) lost 0.3 per cent or 9.83 points to close at 3,920.81. Across the broader market, decliners outnumbered advancers 243 to 212, with 822.1 million securities worth $905.7 million changing hands. The biggest gainer on the STI was telco giant Singtel, which rose 1 per cent or $0.04 to $3.97. The uptick followed news that its subsidiary Optus Mobile had reached a settlement with the Australian Competition and Consumer Commission, over court proceedings related to alleged sales misconduct. At the bottom of the index was agribusiness Wilmar International. The counter slid 2.7 per cent or S$0.08 to $2.93, after Indonesian authorities seized 11.8 trillion rupiah (S$928 million) from its parent company, Wilmar Group, in a palm-oil graft case. Meanwhile, the trio of local banks ended in the red. DBS fell 0.5 per cent or $0.23 to $44.23; UOB was down 0.3 per cent or $0.12 at $34.83; and OCBC lost 0.3 per cent or $0.05 to close at $16.04. Elsewhere in the region, key indices ended mixed as investor sentiment remained cautious ahead of the Fed's policy decision. Japan's Nikkei 225 rose 0.9 per cent and South Korea's Kospi was up 0.7 per cent. The Bursa Malaysia KLCI ended flat, Australia's ASX 200 shed 0.1 per cent, and Hong Kong's Hang Seng slid 1.1 per cent. The Fed is widely expected to keep interest rates unchanged at its meeting on Wednesday, said Ipek Ozkardeskaya, senior analyst at Swissquote Bank. She noted that the base case remains for two rate cuts this year, with the first unlikely to happen before September, based on Fed funds futures pricing. Ahead of the decision, the probability of a September cut stood at around 63 per cent. 'While the economic projections and dot plot could shift market expectations, rising geopolitical and trade uncertainties mean the Fed's growth and inflation forecasts may lack precision,' she added. She cautioned that any signals from the dot plot should be taken 'with a grain of salt', as the Fed is likely to emphasise that policy remains appropriately positioned and that future moves will depend on incoming data. THE BUSINESS TIMES Join ST's Telegram channel and get the latest breaking news delivered to you.
