Tuesday 19 Mar 2024
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SINGAPORE (Nov 20): Singapore shares are down slightly as investors ponder the Federal Reserve's concerns about lower inflation in the world's largest economy and new data showing a slowdown in China's manufacturing sector.

The Straits Times Index was 0.2% lower at 3,328.11 at 10:13am (0213 GMT).

The November preliminary Purchasing Managers’ Index from HSBC and Markit Economics for China fell to a six-month low of 50 from 50.4 in October.

“We still see uncertainties in the months ahead from the property market and on the export front,” Qu Hongbin, chief China economist at HSBC, said in a statement today.

“We think growth still faces significant downward pressures, and more monetary and fiscal easing measures should be deployed."

Overnight, minutes of the Fed's policy-setting committee meeting on Oct 28-29 showed US central bankers are watching for clues of "a possible downward shift in longer-term inflation expectations" amid a moderate economic recovery with little wage growth.

Among decliners, SingTel fell 1.3% to $3.88, Sembcorp Marine declined 1.2% to $3.32 and OCBC retreated 0.9% to $10.41.

Among gainers, Yoma Strategic Holding rose 2.2% to 68.5 cents after the company said it would team up with Mitsubishi Corp and Jalux Inc to operate Myanmar's Mandalay International Airport for a period of 30 years.

 

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