SINGAPORE’S Straits Times Index (STI) was one of the worst performing gauges in the region on Wednesday (May 15) after five index stocks are set to exit the MSCI Singapore Index.
The barometer was down 23.93 points or 0.7 per cent at 3,289.42 points.
According to the MSCI Equity Indexes May 2024 Index Review, names to be removed from the MSCI Singapore Index, effective May 31, are: Seatrium : 5E2 0%, City Developments : C09 0%, Jardine Cycle & Carriage : C07 0%, Mapletree Logistics Trust : M44U 0%, and Mapletree Pan Asia Commercial Trust : N2IU 0%.
Seatrium, Jardine Cycle & Carriage, and Mapletree Logistics Trust were the three worst-performing STI counters.
Seatrium was down 11.7 per cent or S$0.21 at S$1.59, Jardine Cycle & Carriage dropped 4.3 per cent or S$1.21 to S$26.81 and Mapletree Logistics Trust slid 3.7 per cent or S$0.05 to S$1.31.
Of the 30 component stocks, only eight managed to end trading flat or higher.
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Gainers trailed decliners across the broader market 184 to 217, with 1.1 billion securities transacted at a total value of S$1.3 billion.
This was despite a lower greenback and US bond yields overnight which may translate to some relief for risk sentiments across the region. The US dollar slid as the narrative for impending rate cuts stays unchanged, IG market analyst Yeap Jun Rong noted.
Elsewhere in the region, the showing was mixed, with Shanghai Composite closing 0.8 per cent in the red after the US slaps the world’s factory with new tariffs on US$18 billion of Chinese imports. Hong Kong and South Korea bourses were closed for public holidays.
