Across the broader market, decliners beat gainers 313 to 217 amid a trading volume of 1.3 billion securities worth S$1.1 billion
SINGAPORE’S 30-blue-chip barometer, the Straits Times Index (STI), was spared the rout in most regional markets on Thursday (Oct 24) after Wall Street closed in the red overnight.
The benchmark was 0.1 per cent or 4.17 points higher at 3,604.95. Japan’s Nikkei 225 was the only other key index in Asia-Pacific that managed to rise – a meagre 0.1 per cent to 38,143.29 points.
But Tan De Jun, portfolio manager of the research team at iFast, noted that the STI remained relatively flat overall. He attributed the sluggishness to the uncertainty surrounding the pace of Federal Reserve rate cuts and the upcoming US presidential election.
Stephen Innes, managing partner of SPI Asset Management, said of the Asian markets’ performance: “Ten-year (US) Treasury yields have surged past 4.25 per cent, slicing through the 200-day moving average…
“The problem is that US yields are rising for all the wrong reasons. The market is increasingly pricing for a ‘red sweep’, with bonds reacting to a potential Trump victory alongside a Congress eager to greenlight his inflationary playbook. Picture this: tariffs on the rise, fiscal belts loosening and immigration controls tightening – setting the stage for inflation to roar and wages to skyrocket.”
Two Jardine companies bookended the STI tally. DFI Retail Group clocked a 2.6 per cent or US$0.06 increase to US$2.36, making the Asian retailer, with brands including Cold Storage, the top STI performer. Hongkong Land, in contrast, posted a 2 per cent or US$0.08 dip to US$3.95.
Meanwhile, Singapore’s broader market was in line with the regional performance, with decliners beating out gainers 313 to 217 amid a trading volume of 1.3 billion securities worth S$1.1 billion.
