SINGAPORE – A lackluster week ended on a lackluster note with local stocks barely getting excited as they limped across the finish line on January 12.
Wall Street’s flat performance overnight set the tone, while renewed tensions in the Middle East and data showing China’s full-year exports fell for the first time in seven years were the deciding factors for traders.
The Straits Times Index (STI) fell 9.69 points (0.3%) to 3,191.72 amid the disappointment, but rose 7.4 points (0.2%) for the week. Volume was 1.08 billion shares (valued at $964.2 million), with decliners outnumbering advancers 251 to 239. .
Analysts say the path to lower inflation appears to be difficult and the Federal Reserve may not move to cut interest rates until the downward trend is clear.
As a result, markets may see some volatility and send mixed signals as they continue to assess the extent to which the Fed will cut rates this year, Maybank Research said.
All major regional indicators ended the week lower except for Japan, which continued to rise for the week. Another blow came from data showing China’s consumer prices fell for the third consecutive month due to weak domestic demand.
All major banks in Singapore have fallen. DBS fell 0.3% to $32.61, UOB fell 0.1% to $28.30 and OCBC fell 0.1% to $12.89.
Hobbyland fell 0.6% to $1.76. The property group announced on January 11 that it expects its net loss to widen for the year to December 2023, mainly due to fair value losses on the valuation of its London investment property portfolio.
The Singapore Exchange rose 0.4% to $9.89. According to the report, total market volume in December was $19 billion, down 3% year-on-year, while the average daily value of securities was flat at $951 million, up 2% year-on-year.business hours