SINGAPORE – The Straits Times Index (STI) edged up on Nov 5 as most of the regional indexes closed higher ahead of Americans going to the polls to elect their 47th president.
The STI was up 0.3 per cent to 3,581.61.
Across the broader market, advancers outnumbered decliners 331 to 242 after 1.1 billion shares worth $1.1 billion changed hands.
On the STI, the top gainer was Jardine Matheson, which closed 4 per cent higher at US$40.66.
The top loser was Genting Singapore, down 1.8 per cent to 84 cents.
Among the local lenders, OCBC Bank closed down 0.4 per cent at $15.11. The other two banks ended higher: DBS Bank ended 0.1 per cent higher at $39.09; UOB closed up 0.3 per cent at $32.13.
Across the region, the Kospi was down 0.5 per cent. Hong Kong’s Hang Seng Index was up 2.1 per cent, and the KLCI, up 0.3 per cent.
The US dollar regained footing overnight as traders managed their positions for risks of a potential surprise in the US election. More consolidation is expected in the lead-up to the elections, and a surge in volatility is expected after election uncertainties are cleared up, said Mr Yeap Jun Rong, market strategist at IG.
The US election continues to weigh on the equities market, with an immediate direction in the near term hard to predict, he said. Either scenario – a win by Republican candidate Donald Trump or by Democrat Kamala Harris – presents a bull and bear case, but weakness may offer up opportunities for dip-buying.
“Economic fundamentals may eventually take over as policy uncertainty clears, alongside the general positive seasonality into the year-end and post-elections,” said Mr Yeap. THE BUSINESS TIMES