Singapore stocks edge lower as investors digest MAS hold, stronger GDP
Jardine Matheson is the top gainer on the STI, rising 2.3% to US$57.74
Singapore stocks closed a little lower on Wednesday, October 14, as traders reflected on the Monetary Authority of Singapore's (MAS) decision to keep interest rates steady and the better-than-expected third-quarter GDP growth. The Straits Times Index (STI) slipped by 0.1% to 5,423.33 points. Jardine Matheson emerged as the top performer, up 2.3% at S$57.74.
At the opposite end, Keppel DC Reit dropped 1.9% to S$2.07, marking the index's worst loser. Among the local banks, UOB was up, while DBS and OCBC fell. The broader market saw more declines than gains, with 980.7 million securities changing hands worth S$1.9 billion. MAS decided to maintain its nominal effective exchange rate policy, pausing after two recent rate hikes this year.
The economy expanded 5.4% year-on-year in Q3, exceeding the 5.1% forecast. This growth, coupled with revised economic data, led banks to raise their 2026 growth forecasts. The central bank anticipates continued expansion in the upcoming quarters, driven by demand for AI products and increased capacity in technology sectors. Core inflation is expected to soften more noticeably from mid-2027, though the central bank remains cautious about risks, including potential fresh shocks in energy and food prices.
Other regional markets were mixed, with Hong Kong's Hang Seng Index down 0.1%, Japan's Nikkei 225 falling 0.05%, and South Korea's Kospi slipping 0.4%.
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