THE Straits Times Index (STI) inched up on Wednesday (Nov 6), as regional indices posted mixed results.
The STI was up 0.6 per cent or 21.38 points at 3,602.99.
Across the broader market, decliners outnumbered advancers 300 to 257 after 1.6 billion shares worth S$1.5 billion changed hands.
On the STI top gainer was ST Engineering, closing up 2.4 per cent or S$0.11 to S$4.65.
The top loser was Mapletree Industrial Trust, down 3.3 per cent or S$0.08 at S$2.34.
The trio of local banks rallied on Wednesday, with DBS closing 0.2 per cent or S$0.06 higher at S$39.15. OCBC finished trading up 1.3 per cent or S$0.19 at S$15.30, and UOB rose 1.7 per cent or S$0.56 to S$32.69.
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Across the region, major indices were mixed, with the Nikkei 225 up 2.6 per cent while Kospi was down 0.5 per cent. Hong Kong’s Hang Seng Index was also down 2.2 per cent while the KLCI closed up 0.8 per cent.
The equity market’s immediate reaction to the US elections, however, is expected to be more muted, said Stephen Innes, managing partner, SPI Asset Management. Historically, the market’s post-US-election performance since 2000 has not leaned consistently positive or negative.
He noted that there is a recurring trend in the lead-up to and aftermath of the US elections – the year preceding them often delivers a performance pop, with the S&P 500 averaging a 17 per cent return. The mid-cycle – two years after elections – has generally been muted with an average 3.7 per cent annualised return for the S&P 500, setting a stage for a boost tempered by slower growth in 2026.
But the real drivers of the market are still the state of the economy and monetary policy cycle.
“Elections may make for dramatic headlines, but it’s the macroeconomic backdrop and Fed policy that set the true course for market performance,” said Innes.
