SINGAPORE stocks closed largely flat on Wednesday (Jul 24), as regional markets mostly ended in the red.
The benchmark Straits Times Index (STI) slipped 0.01 per cent or 0.34 point to 3,460.82. Across the broader market, losers outnumbered gainers 292 to 265, after 1.2 billion securities worth S$935.5 million changed hands.
Elsewhere in the region, key indices ended lower. The Nikkei 225 lost 1.1 per cent, the Hang Seng Index fell 0.9 per cent, the Kospi Composite Index slid 0.6 per cent, and the FTSE Bursa Malaysia KLCI was down 0.5 per cent.
The declines tracked overnight losses on Wall Street.
In the US, shares of chipmakers led overnight losses, as the rebound in mega cap technology stocks lost steam, said Aaron Chwee, head of wealth advisory at OCBC.
With the US Federal Reserve in a blackout period ahead of its Jul 31 interest-rate decision, earnings took centre stage, Chwee said.
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Profit expectations are high for the “Magnificent Seven” mega cap tech companies, following stellar earnings cycles over the past year.
Investors will likely heavily scrutinise management outlooks relative to elevated valuations. Meanwhile, the market is also dealing with a shift to small caps, he added.
“Investors should ensure they remain diversified as market volatility is likely to be heightened by the US presidential election campaign,” he said.
On the STI, Yangzijiang Shipbuilding is the biggest gainer, rising 3.9 per cent or S$0.09 to S$2.41.
Jardine Cycle & Carriage is the biggest loser, falling 1.6 per cent or S$0.40 to S$25.45.
The local banking trio ended mixed. DBS fell 0.03 per cent or S$0.01 to S$36.74, OCBC lost 0.3 per cent or S$0.05 to S$15.11, while UOB gained 0.1 per cent or S$0.02 to S$32.88.
