Singapore stocks end flat as Democrats win in US midterm elections
Across the broader market, gainers outnumber losers 392 to 198 after 1.3 billion securities change hands
Singapore stocks closed virtually unchanged on Wednesday (Nov 4) as Democrats secured control of both chambers of the US Congress in the midterm elections. The Straits Times Index (STI) slipped 0.01% or 0.66 points to close at 5,268.63. DFI Retail Group led the index's gains, surging 6.2% to US$3.75, while UOB, the weakest performer, fell 5% to US$38.44. UOB's Q3 net profit missed expectations, with S$1.25 billion reported, short of the S$1.38 billion consensus forecast.
Other local banks, DBS and OCBC, also fell, with declines of 0.1% and 0.2% respectively, ending at S$70.7 and S$27.85. In the iEdge Singapore Next 50 Index, CSE Global led gains with a 9.3% rise to S$1.00, while First Resources was the largest loser, slipping 4.7% to S$2.87.
Across broader markets, gainers outnumbered losers 392 to 198, with 1.3 billion securities changing hands, amounting to S$2.9 billion. Regional indices were mixed, with Hong Kong's Hang Seng Index up 1.7%, South Korea's Kospi rising 0.6%, Japan's Nikkei 225 down 1.4%, and the FTSE Bursa Malaysia KLCI falling 0.3%.
The US midterm elections saw Democrats achieve significant victories, extending their influence into Republican strongholds. Neil Wilson, a UK investor strategist at Saxo, believes the midterms acted as a clearing event, potentially setting the stage for an upcoming year-end rally.
Written by urgent.news from The Business Times - Companies & Markets's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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