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Home Leadership

ST Index inches up on Wednesday, mirroring regional indices

by Yurie Miyazawa
in Leadership
ST Index inches up on Wednesday, mirroring regional indices
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[SINGAPORE] The Straits Times Index (STI) closed higher on Wednesday (Jul 23), mirroring regional indices.

The STI inched up 0.6 per cent or 23.02 points to 4,231.28. Across the broader market, advancers outnumbered decliners 427 to 164 after 2.4 billion shares worth S$1.7 billion changed hands.

The trio of local banks closed higher on Wednesday, with DBS up 1.9 per cent or S$0.88 at S$48.13. UOB rose 0.6 per cent or S$0.23 to S$37.23 and OCBC closed up 0.1 per cent or S$0.02 at S$17.21.

DFI Retail Group was the top gainer on the STI, closing up 9.2 per cent or US$0.29 at US$3.45. The biggest loser was ST Engineering, which dropped 2.1 per cent or S$0.18 to S$8.27.

Across the region, major indices ended higher, with the Kospi gaining 0.4 per cent and the Nikkei 225 up 3.5 cent. Hong Kong’s Hang Seng Index closed up 1.6 per cent and the KLCI rose 0.7 per cent.

The fading momentum of tech stocks is starting to weigh on major US benchmarks, said Jose Torres, senior economist at Interactive Brokers. But the wider US market remains positive, as every other major sector was still upbeat during a quiet day for economic releases.

Overreliance on the “Magnificent 7” – comprising Apple, Alphabet, Microsoft, Amazon, Tesla, Meta and Nvidia – is contributing to the market turning defensive, picking up Treasuries, gold and volatility protection instruments, said Torres.

With tech and communications services’ rally bolstered by looser regulations, financial services could see the same impact as efforts are made to loosen regulations,” he added.

“While less red tape is poised to improve profitability at banks, the lending and capital expenditure implications of reducing regulations are also quite stimulative to the economy because additional funds are opened up for consumption, investment and fixed income purchasing,” said Torres.

Tags: InchesIndexindicesmirroringRegionalWednesday
Yurie Miyazawa

Yurie Miyazawa

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