STI ends 0.5% lower ahead of Trump-Xi summit

The Singapore Straits Times Index (STI) closed 0.5% lower on Thursday (Sep 24) as regional markets exhibited a mixed performance ahead of a key meeting between US President Donald Trump and Chinese President Xi Jinping in Washington. The index dwindled by 26.54 points, settling at 5,683.37. Venture Corporation was among the top gainers, surging 0.7% or S$0.12 to S$16.77.

Conversely, City Developments Ltd experienced the steepest decline, dropping 2.4% or S$0.20 to S$8.22, while the three local banks--DBS, OCBC, and UOB--all ended the day in the red. Within the iEdge Singapore Next 50 Index, First Resources emerged as the top performer, climbing 5% or S$0.22 to S$4.66. AEM was the biggest decliner, falling 3.6% or S$0.36 to S$9.60.

The broader market witnessed 300 outperformers against 231 underperformers, with 1.1 billion securities valued at S$1.8 billion being traded. Key regional indices saw varied outcomes, with Hong Kong's Hang Seng Index slipping 0.3% and the FTSE Bursa Malaysia KLCI falling 0.2%, while Japan's Nikkei 225 gained 0.8%. In Washington, Trump and Xi were set to meet at the White House for their second summit of 2026 and Xi's first visit to the US since 2015.

The summit aimed to stabilize relations between the two global economic powers amid disputes over trade, technology, and Taiwan. The two leaders agreed to extend their trade truce until Jan 10, 2027, and discussions would likely cover tariffs, artificial intelligence, and military-to-military dialogue. Xi, arriving in Washington on Wednesday, emphasized the need for a more stable relationship between the world's two largest economies.

While major breakthroughs were not anticipated, the meeting was largely viewed as a platform for maintaining stability and managing areas of rivalry.