SINGAPORE – Local shares headed south on Oct 24 after a positive session on Wall Street overnight failed to galvanise investors.
The uninspiring trading day left the Straits Times Index (STI) down 11.54 points or 0.3 per cent to 3,593.41 and 1.3 per cent lower in a week that saw three days of declines and two of increases. Losers outstripped gainers 296 to 241 on trade of 1.4 billion securities worth $1.1 billion.
Mapletree Pan Asia Commercial Trust was the top STI loser, falling 5 per cent to $1.34 a day after the announcement that its distribution per unit slipped 11.6 per cent to 1.98 cents for the quarter to September.
In-flight caterer and ground handler Sats surged 7.2 per cent to a two-year high of $4.01. A Citi report noted that it has updated its Sats model to reflect improved air cargo outlook.
“Our read is shippers, especially the US accounting for 30 per cent of global air/ocean freight demand, continue to pull-forward demand ahead of potential Trump tariffs 2.0.”
Citi did not change the “buy” rating, but raised the target price from $3.76 to to $4.25.
Wall Street mostly rose after a better-than-expected earnings report from Tesla ignited its shares and sent major tech stocks higher.
The Nasdaq gained 0.8 per cent, the S&P 500 advanced 0.2 per cent but the Dow industrials retreated 0.3 per cent.
Regional markets responded in much the same manner.The Nikkei in Tokyo was down 0.6 per cent but bourses in Shanghai, Hong Kong and Seoul all rose.
Australian shares were up as well, rising 0.06 per cent but the bourse was still down 0.9 per cent for the week.
Mr Vasu Menon, managing director of investment strategy at OCBC, said rising US Treasury yields