[ad_1]
SINGAPORE shares ended flattish on Wednesday (Jun 12) as markets took a wait-and-see approach ahead of a key US Federal Reserve meeting.
The benchmark Straits Times Index (STI) fell 0.1 per cent or 1.77 points to 3,307.44.
Across the broader market, losers beat gainers 309 to 247 after 1.2 billion securities worth S$1 billion changed hands.
Regional markets were mixed on Wednesday. Japan’s Nikkei 225 shed 0.7 per cent and Hong Kong’s Hang Seng Index fell 1.3 per cent, while South Korea’s Kospi gained 0.8 per cent.
Vishnu Varathan, Asia ex-Japan chief economist at Mizuho Bank, said that markets have already priced in fewer interest rate cuts for 2024.
Investors will instead pay closer attention to Federal Open Market Committee members’ predictions for longer-term rates, as higher inflation or other fiscal and fundamental factors could cause them to shift their expectations higher.
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
He added that investors will also be on the lookout for the Fed revealing what will trigger it to begin cutting rates.
“Overall, the Fed is prone to err on the side of hawkish restraint, given the baggage of being wrong on (inflation being) ‘transitory’,” he said.
On the STI, CapitaLand Investment : 9CI 0% was the top performer, rising 1.2 per cent or S$0.03 to S$2.61.
Thai Beverage : Y92 0% was at the bottom of the table, falling 3.9 per cent or S$0.02 to S$0.49.
Meanwhile, the trio of local banks were in the black. UOB : U11 0% rose 0.3 per cent or S$0.08 to S$30.65, DBS : D05 0% was up 0.3 per cent or S$0.10 to S$35.65, and OCBC : O39 0% gained 0.3 per cent or S$0.04 to finish at S$14.23.
[ad_2]
Source link
