Across the broader market, advancers outnumber decliners 405 to 219, as 1.4 billion shares worth S$1.7 billion change hands
THE Straits Times Index (STI) faltered on Tuesday (Sep 24), as regional indices posted gains at the end of the trading day.
The STI was down 0.4 per cent or 15.8 points from the highs of Monday, at 3,622.74.
Across the broader market, advancers outnumbered decliners 405 to 219 after 1.4 billion shares worth S$1.7 billion changed hands.
On the STI, DFI International was the biggest gainer, closing up 9.1 per cent or US$0.17 at US$2.03 on Tuesday, possibly buoyed by the divestment of a Chinese supermarket chain.
The trio of local banks ceded Monday’s gains, with DBS the top loser on the STI. It was down 1.6 per cent or S$0.63 at S$38.83. OCBC lost 0.9 per cent or S$0.14 to S$15.50, while UOB closed 0.8 per cent or S$0.26 lower at S$32.99.
ST Engineering was the second-largest loser on the STI, declining 1.5 per cent or S$0.07 to S$4.65.
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Across the region, major indices rallied, with South Korea’s Kospi gaining 1.1 per cent and Hong Kong’s Hang Seng Index up 4.1 per cent. Closer to home, the KLCI was up 0.3 per cent.
The Fed’s unusually large rate cut appears to be a pre-emptive move to signal the lengths it will take to secure a soft landing, notes Seema Shah, chief global strategist at Principal Asset Management. The 50-basis-point cut has been associated with crisis and recession.
“As a result, moves of this size typically prompt major market angst as investors begin to price in economic and financial disaster,” she said.
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