Singapore stocks decline on Wednesday; STI down 0.1%
UOL Group leads the gainers on the blue-chip index
On August 19, Singapore's stocks closed lower, with the Straits Times Index (STI) dropping 0.1% to 5,694.24 points. UOL Group was among the top gainers, increasing 2.7% to S$9.44. The worst performer was Thai Beverage, which fell 2.1% to S$0.46. The three local banks showed mixed performance, with DBS rising 0.4%, OCBC falling 0.03%, and UOB dropping 0.8%.
In the iEdge Singapore Next 50 Index, First Resources led with a 5.4% rise, while UltraGreen.ai saw the biggest decline at 3.4%. Across the broader market, there were 347 losers for every 216 gainers, as 1.2 billion securities worth S$2 billion changed hands. Addvalue Tech was the most actively traded stock by volume, while DBS led in terms of value.
Vishnu Varathan, head of macro strategy at Mizuho Securities, noted that chipmakers led the sell-off in global equities, but a wider set of risks, including AI-related concerns, capital market issues, geopolitical tensions, and rising long-term yields, may pose a more persistent threat to risk sentiment.
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