THE Straits Times Index (STI) continued to falter on Friday (Dec 20), mirroring regional indices.
The STI was down 1.1 per cent or 42.95 points to 3,719.93.
Across the broader market, decliners outnumbered advancers 308 to 204 after 1.2 billion shares worth S$1.6 billion changed hands.
The trio of local banks continued the losing streak, with DBS, closing down 1.3 per cent or S$0.58 to S$42.82. OCBC finished trading down 1.7 per cent or S$0.29 to S$16.39, while UOB was down 1.9 per cent or S$0.70 to S$35.84.
The top gainer was Mapletree Pan Asia Commercial Trust, up 0.8 per cent or S$0.01 to S$1.20.
The top loser was Jardine Matheson, down 2.3 per cent or US$0.96 to US$40.23.
BT in your inbox
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
Across the region, major indices were closed lower, with the Kospi down 1.3 per cent while the Nikkei 225 closed down 0.3 per cent. Hong Kong’s Hang Seng Index was down 0.2 per cent and the KLCI closed down 0.5 per cent.
A hawkish Fed outlook left lingering concerns across major US indices on Thursday, noted Yeap Jun Rong, market strategist at IG. Stronger US economic data is fuelling another climb in US Treasury yields as the mantra “good news is bad news” has resurfaced.
Key data to look out for include China’s one-year and five-year loan prime rate decision, although Yeap noted it might be a non-event. Rates are expected to remain unchanged, as authorities may continue to wait and see as US President-elect Donald Trump’s second term in office draws nearer.
The upcoming release of the US core personal consumption expenditure price index will also be closely watched. The data could determine whether US Treasury yields, an ongoing pressure point for the equities market, could see relief.
“Whether we see a Santa rally this year may hinge on the absence of any surprises in the data,” said Yeap.
