STI falls 1% after Trump-Putin meeting

Across the broader market, losers beat gainers 269 to 268 as 1.1 billion securities worth S$1.5 billion change hands

Singapore shares fell on Monday (Aug 18), following a meeting between US President Donald Trump and his Russian counterpart Vladimir Putin in Alaska on Friday.

The benchmark Straits Times Index (STI) closed 1 per cent or 43.15 points lower at 4,187.38.

Across the broader market, losers slightly edged out gainers 269 to 268, as 1.1 billion securities worth S$1.5 billion changed hands.

The STI’s top gainer on Monday was Frasers Logistics & Commercial Trust, which advanced 1.1 per cent or S$0.01 to S$0.90.

The trio of local banks all closed lower. DBS was down 0.6 per cent or S$0.30 at S$49.60, UOB fell 1.4 per cent or S$0.50 to S$34.84, and OCBC shed 1.3 per cent or S$0.22 to end the day at S$16.68.

ST Engineering was the day’s biggest loser on the index, losing 3.8 per cent or S$0.32 to finish at S$8.14.

Across Asia, major indices were mixed. South Korea’s Kospi fell 1.5 per cent and Hong Kong’s Hang Seng Index lost 0.4 per cent. Meanwhile, the Bursa Malaysia Kuala Lumpur Composite Index gained 0.6 per cent and Japan’s Nikkei 225 rose 0.8 per cent.

Ipek Ozkardeskaya, senior analyst at Swissquote Bank, said that although details of the Trump-Putin meetings are scarce, there are “no signs of fresh tensions”, and no new sanctions on countries that have continued buying Russian oil.

“Material progress (in the talks) could spark further oil weakness, a rally across equities, and softer gold demand,” she added.

Share with us your feedback on BT's products and services