STI continues to slide on Wednesday, down 0.3%
Across the broader market, decliners outnumber advancers 286 to 285 after 2.3 billion shares worth S$1.4 billion change hands
[SINGAPORE] The Straits Times Index (STI) closed down on Wednesday (Sep 17), as regional indices closed mixed.
The STI closed down 0.3 per cent or 13.96 points to 4,323.78.
Across the broader market, decliners outnumbered advancers 286 to 285 after 2.3 billion shares worth S$1.4 billion changed hands.
The trio of local banks were down ahead of the Federal Open Market Committee decision. DBS was down 0.1 per cent or S$0.06 at S$51.47. UOB fell 0.9 per cent or S$0.30 to S$34.82, and OCBC closed 0.8 per cent or S$0.14 lower at S$16.66.
Hongkong Land was the top gainer on the STI, finishing up 1.5 per cent or US$0.10 at US$6.76.
The biggest loser was Jardine Matheson , closing down 1.8 per cent or US$1.12 at US$59.69.
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Across the region, most major indices fell on Wednesday. The Kospi closed down 1.1 per cent and the Nikkei 225 ended 0.3 per cent lower. Hong Kong’s Hang Seng Index closed up 1.8 per cent, and the KLCI ended 0.7 per cent higher.
The equity markets have priced in a 25-basis-point cut with investors primed on the tone of the delivery of the cut, said Stephen Innes, managing partner, SPI Asset Management. With rate cuts no longer a surprise, equity markets are at near-record levels, and investors anticipate the Fed to follow the markets’ preferred script.
With consumer spending still strong and corporate earnings forecasts set higher, equities continue to climb. The S&P 500 has momentum outside of tech, with the broader market having its own momentum, said Innes.
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“Add in a Fed cutting into a non-recessionary environment, and history suggests risk assets can thrive,” said Innes.
