Singapore shares fell on Tuesday (Nov 28) amid mixed trading in the region.
The benchmark Straits Times Index (STI) fell 0.7 per cent or 20.48 points to 3,065.94. Across the broader market, losers outnumbered gainers 335 to 244, after 881.1 million securities worth S$840.7 million changed hands.
Stephen Innes, managing partner at SPI Asset Management, said softer economic data in the US is bolstering hopes that rate relief could be just around the corner, but the potential decline in interest rates is not sparking the typical positive response in the stock market.
“Investors may be harbouring concerns that the most significant impact of the Federal Reserve’s assertive tightening is yet to unfold,” he said.
Key indices in the region ended mixed. The Nikkei 225 lost 0.1 per cent, the Hang Seng Index fell 1 per cent, and the FTSE Bursa Malaysia KLCI closed flat. Meanwhile, the Kospi Composite Index gained 1.1 per cent, The Business Times reported.
Most STI constituents ended in the red on Tuesday. The biggest loser was Frasers Logistics & Commercial Trust, which fell 2.8 per cent or S$0.03 to S$1.06. This was followed by DFI Retail Group, which lost 2.2 per cent or US$0.05 to US$2.19.
The trio of local banks also ended the day lower. DBS slipped 0.4 per cent or S$0.11 to S$31.63, OCBC dropped 0.2 per cent or S$0.03 to S$12.62, while UOB edged down 0.04 per cent or S$0.01 to S$27.20.
Thai Beverage was among the most heavily traded counters. The beer company fell for its fourth straight session to S$0.50, its lowest close over the last 52 weeks.
ThaiBev had on Nov 22 announced a 9 per cent fall in profit. The company had also flagged that it is facing a tougher sales environment. Its beer sales volume fell 6.6 per cent in FY2023 ended Sep 30.
Among the small-cap stocks, gold miner Wilton Resources was a big mover – gaining 11.1 per cent to close the day at S$0.02. The company’s Indonesia-listed unit, Wilton Makmur Indonesia, announced on Monday that mining operations at a new gold project have hit a target rate of 15,000 tonnes per month.
