Singapore stocks end 0.5% lower ahead of Trump-Xi summit

Singapore's stock market closed lower on Thursday, Sep 24, as regional markets exhibited a mixed performance prior to a significant summit between US President Donald Trump and Chinese President Xi Jinping in Washington. The Straits Times Index (STI) dropped 0.5 per cent, or 26.54 points, to close at 5,683.37. Venture Corporation led the index gains, surging 0.7 per cent to S$16.77.

City Developments Ltd suffered the biggest decline, falling 2.4 per cent to S$8.22. The three domestic banks also ended the day in the red, with DBS down 0.3 per cent, OCBC falling 0.2 per cent, and UOB dropping 0.8 per cent. Among the top performers in the iEdge Singapore Next 50 Index, First Resources led the pack with a 5 per cent increase, reaching S$4.66.

AEM was the biggest loser, dropping 3.6 per cent to S$9.60. Overall, the broader market saw 300 losses to 231 gains, with trade volume amounting to 1.1 billion securities worth S$1.8 billion. Key regional indices, including Hong Kong's Hang Seng and Japan's Nikkei 225, also experienced mixed results. The upcoming summit in Washington marks the second meeting between Trump and Xi since 2026 and Xi's first visit to the US since 2015.

Both leaders are expected to discuss managing areas of rivalry while maintaining stability in their strained relations, which are influenced by disputes over trade, technology, and Taiwan. President Xi arrived in Washington on Wednesday, urging for a more stable relationship between the two largest economies. The summit is anticipated to focus on managing tensions rather than making major breakthroughs. This report was AI-assisted and reviewed by a journalist.