STI rises 0.1% despite US big tech sell-off

[SINGAPORE] Equities in Singapore rose slightly on Wednesday (Aug 20), as the market reacted to a sell-off among US big tech names such as Nvidia and Oracle, which fell 3.5 per cent and 5.8 per cent, respectively.

The benchmark Straits Times Index (STI) closed 0.1 per cent or 3.35 points higher at 4,219.54.

Across the broader market, gainers beat losers 277 to 256 as 1.48 billion securities worth S$1.49 billion changed hands.

The top gainer on the STI was property developer Hongkong Land, which advanced 2.5 per cent or US$0.15 to US$6.11.

The trio of local banks ended the day higher. DBS was up 0.28 per cent or S$0.14 at S$50, UOB rose 0.43 per cent or S$0.15 to S$35, and OCBC rose 0.78 per cent or S$0.13 to end at S$16.89.

The biggest loser on the index was Jardine Matheson Holdings (JMH) which fell 2.2 per cent or US$1.28 to US$58.15, despite having been the biggest winner on Tuesday.

Across Asia, major indices were mixed. South Korea’s Kospi fell 0.7 per cent, Japan’s Nikkei 225 fell 1.5 per cent, and the Bursa Malaysia Kuala Lumpur Composite Index dipped by 0.1 per cent.

The Hong Kong’s Hang Seng Index rose 0.2 per cent.

Ipek Ozkardeskaya, senior analyst at Swissquote Bank, said: “The sell-off across US big tech names dampened the market mood yesterday, triggered largely by mounting doubts over the AI boom.”

She added that the weakness dragged the Nasdaq down approximately 1.5 per cent, making it the steepest drop since the start of the month, as investors pivoted to defensive sectors such as utilities, real estate and consumer staples.