STI up 0.4% amid mixed regional trading on South Korea political drama
SINGAPORE shares ended higher on Wednesday (Dec 4) amid mixed regional trading, as uncertainty loomed over Asia markets after South Korean President Yoon Suk Yeol imposed, before lifting shortly after, a martial law decree.
The benchmark Straits Times Index (STI) was up 13.81 points or 0.4 per cent at 3,799.94. Across the broader market, gainers outnumbered losers 292 to 210 after 978.2 million securities worth S$1.2 billion changed hands.
Elsewhere in Asia, Hong Kong’s Hang Seng Index inched down 0.02 per cent and the Shanghai Composite Index fell 0.4 per cent.
Meanwhile, Japan’s Nikkei 225 rose 0.1 per cent and the FTSE Bursa Malaysia KLCI gained 0.4 per cent.
Yeap Jun Rong, market strategist at IG, said the jitters from Yoon’s short-lived martial law seem mostly contained within South Korea’s equities space. South Korea’s Kospi Composite Index fell 1.4 per cent on Wednesday.
Yeap noted that the political drama was short-lived, and timing it during off-working hours may be a bid to reduce disruptions to economic activities.
BT in your inbox
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
“Risk-taking may likely remain capped for now as near-term uncertainty over Yoon Suk Yeol’s leadership persists,” he said.
“Markets will prefer a quick resolution to the stand-off and for political stability to return, but for now, it seems that the uncertainty over his leadership may continue to drag on for some time,” Yeap added.
On the STI, Yangzijiang Shipbuilding was the top gainer, rising 2.8 per cent or S$0.07 to S$2.58.
Thai Beverage was the biggest decliner, falling 4.2 per cent or S$0.025 to $0.57.
The local banking trio ended mixed. DBS rose 0.7 per cent or S$0.31 to S$43.82, while OCBC was up 0.6 per cent or S$0.09 to S$16.30. UOB fell 0.3 per cent or S$0.10 to S$36.65.
