The company’s financials would be ‘key bellwether for AI sector’, analysts say
SINGAPORE equities were in the red on Wednesday (Aug 28), amid mixed regional performance.
The benchmark Straits Times Index (STI) fell 0.2 per cent or 7.44 points to 3,391.03.
Across the broader market, losers beat gainers 295 to 226, as 1.1 billion shares worth S$882.8 million were traded across the day.
Regional markets were varied. Hong Kong’s Hang Seng Index fell 1 per cent, while South Korea’s Kospi Composite Index was largely flat. Japan’s Nikkei 225 was up 0.2 per cent. Bursa Malaysia Kuala Lumpur Composite Index added 1.4 per cent.
Analysts noted that markets were generally quiet, as investors hold their breath for Nvidia’s results. These are slated to be released on Thursday, Singapore time. Maybank analysts said that the chip giant’s financials would be a “key bellwether for the artificial intelligence (AI) sector”.
“Any disappointment in earnings can potentially dent the positive broader market risk sentiment,” added the analysts in a note.
In Singapore, the benchmark index was dragged by Genting Singapore, which declined 3.1 per cent or S$0.025 to S$0.79. Wednesday was the counter’s ex-dividend date.
Beer maker Thai Beverage was once again the top gainer, closing up 1.9 per cent or S$0.01 at S$0.53. Telco Singtel was the second-biggest gainer, rising 1.4 per cent or S$0.04 to S$2.93.
Local banking stocks finished lower. DBS declined 0.6 per cent or S$0.22 to S$35.68, OCBC contracted 0.5 per cent or S$0.07 to S$14.40 and UOB slid 0.5 per cent or S$0.17 to S$30.86.
