SINGAPORE stocks fell minimally on Tuesday (Oct 15) ahead of earnings results, led by Jardine Matheson and its subsidiary DFI Retail Group, while Chinese stocks fell sharply amid a fading optimism on fiscal stimulus.
The benchmark Straits Times Index (STI) fell 0.01 per cent or 0.44 point to 3,595.47. Across the broader market, losers outnumbered gainers 350 to 235, after 1.7 billion securities worth S$1.3 billion changed hands.
Ipek Ozkardeskaya, senior analyst at Swissquote Bank, said: “Enthusiasm around the Chinese stimulus measures fade, as investors digest the fact that the Chinese authorities didn’t give a headline number about what they expect to spend to prop up their economy.”
Major exchanges in China all closed in the red. Shanghai Stock Exchange Composite Index closed 2.5 per cent lower, while Shenzhen Stock Exchange Composite Index was down 2.1 per cent.
“Copper futures come down gradually on fading China optimism, as iron ore futures consolidate in Singapore,” Ozkardeskaya added.
Elsewhere in Asia, key indices were largely up. The FTSE Bursa Malaysia KLCI was up 0.3 per cent, and the Nikkei 225 rose 0.8 per cent.
On the STI, Jardine Matheson, with a significant exposure in China market, was the biggest loser, down 2.4 per cent, or US$0.90 at US$36.96. Its subsidiary DFI Retail Group was the second-biggest loser, down 1.9 per cent, or US$0.04, at US$2.10.
Yangzijiang Shipbuilding reversed previous sessions’ losses, climbing 5.4 per cent, or S$0.13, to S$2.56, as the top gainer.
