SINGAPORE stocks traded lower on Wednesday (Nov 27) afternoon, as investors continued to digest the threat of Trump’s tariffs.
As at 12.01 pm, the Straits Times Index (STI) was down 0.3 per cent or 9.59 points at 3,702.8. Across the broader market, losers outnumbered gainers 187 to 158 after 421.2 million securities worth S$449 million changed hands.
Yangzijiang Shipbuilding was one of the most actively traded counter in terms of volume, falling 2.8 per cent or S$0.07 to S$2.46, with 22.4 million shares transacted.
Shares of Thai Beverage were trading 0.9 per cent or S$0.005 higher at S$0.545, while Singapore Post rose 4.5 per cent or S$0.025 to S$0.58, following talks regarding the potential sale of its Australian business.
Maybank said this week that SingPost is undervalued.
It said that significant potential value for SingPost now arises from the sale of various businesses which comprise Famous Holdings and its Australian business, and SingPost Centre and its post offices over the next one to two years. It initiated coverage on SingPost with a buy rating and a price target of S$0.74.
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The three local banks were mixed at the break. DBS rose 0.3 per cent or S$0.11 to S$41.82. UOB fell 0.3 per cent or S$0.12 to S$36.23. OCBC also slid 0.2 per cent or S$0.03 to S$16.07.
Other Asia markets were mixed by the afternoon. Japan’s Nikkei 225 tumbled 0.8 per cent. Malaysia’s FTSE Bursa Malaysia Kuala Lumpur Composite Index was up 0.6 per cent, while Chinese stocks rose – the Hong Kong’s Hang Seng index rose 0.4 per cent and the Shanghai Composite was up 0.5 per cent. That’s despite data on Wednesday showed that China’s industrial profits declined again in October – though a milder fall compared to September.
Wall Street stocks climbed to fresh records on Tuesday, shrugging off a threat from Trump to enact new tariffs on Mexico, Canada and China. The Dow Jones Industrial Average finished up 0.3 per cent at 44,860.31, its third straight closing record. The broad-based S&P 500 rose 0.6 per cent to 6,021.63, also a record, while the tech-rich Nasdaq Composite Index gained 0.6 per cent to 19,175.58.
On the other hand, European shares fell across the board, led by carmakers, with worries regarding another global trade war due to Trump’s tariff threat on the US’ largest trading partners. The pan-European Stoxx 600 was down 0.6 per cent at 505.9, snapping its three-day winning streak.
