SINGAPORE – Local investors ignored falls in some key regional markets to send shares higher on Oct 17 in line with Wall Street gains overnight.
Singapore’s non-oil domestic exports posted a weaker-than-projected expansion of 2.7 per cent year on year in September, while electronics shipments grew 4 per cent, a sharp slowdown compared with August.
UOB associate economist Jester Koh noted that Singapore’s electronics sector continued to improve from the weakest reading recorded in May 2023. But slower growth may lie ahead, given industry powerhouses South Korea and Taiwan seemed to have peaked in the third quarter and are eyeing a down cycle.
Yet the benchmark Straits Times Index (STI) was still up 1 per cent or 34.63 points at 3,625.25. However, losers outnumbered gainers 296 to 278 on trade of 1.5 billion securities worth $1.2 billion.
The biggest decliner was Seatrium, down 1.5 per cent to $1.98, while Singtel led the gainers, ending at $3.25, up 2.5 per cent.
Gains on Wall Street were driven by bank and airline shares. The S&P 500 rose 0.5 per cent, the Dow Jones Industrial Average advanced 0.8 per cent to a record close, and the Nasdaq put on 0.3 per cent.
Closer to home, Tokyo’s Nikkei 225 lost 0.7 per cent and Hong Kong’s Hang Seng shed 1 per cent, but Malaysian shares rose 0.5 per cent. Australia’s ASX 200 gained 0.9 per cent to a record high.
Chinese stocks closed lower after the country’s housing minister reiterated municipal governments’ autonomy to relax buying curbs, an announcement that failed to impress investors.
The CSI 300 real estate index, which gained over 5 per cent on Oct 16, fell 7.9 per cent, while the benchmark Shanghai Shenzhen CSI 300 declined 1.1 per cent. THE BUSINESS TIMES