SINGAPORE – Local stocks underperformed on Feb 14, even as most regional markets tracked Wall Street higher amid renewed hopes for a Ukraine war resolution and a pause on US tariffs.
The Straits Times Index (STI) edged down 0.1% or 5.08 points to 3,877.50, despite a favorable market breadth, with 349 gainers against 219 losers on a moderate trading volume of 1.5 billion shares worth $1.4 billion.
The STI’s biggest decliner was SGX, which fell 5.8% to $12.69 after trading ex-dividend. The decline reflected dampened optimism among investors, a day after the Monetary Authority of Singapore (MAS) unveiled initial proposals to revive the local equity market. Adding to the negative sentiment, Citi Research downgraded its rating on SGX to “sell”, citing expectations that the recent optimism priced into SGX’s valuation may unwind.
Meanwhile, the STI’s biggest gainer was Hongkong Land, which rose 4.1% to close at US$4.35.
The most actively traded stock by volume was offshore and marine company Seatrium, which saw 51.9 million units worth $132 million traded. The stock climbed 1.2% to $2.58.
Wall Street and Regional Markets Rally
Investor sentiment was buoyant in the US, where President Donald Trump raised the possibility that the Ukraine war might be nearing a resolution and appeared to ease his threats of additional tariffs on foreign goods. Investors responded positively, driving Wall Street’s major indexes higher:
- S&P 500 gained 1%
- Dow Jones rose 0.8%
- Nasdaq climbed 1.5%
Most regional bourses followed suit, mirroring Wall Street’s optimism:
- Australia’s ASX advanced 0.2%, closing at a record high after reaching an intra-day peak.
- Shanghai Composite added 0.4%.
- South Korea’s Kospi rose 0.3%.
Despite the global uptrend, Singapore’s stock market remained subdued, reflecting cautious investor sentiment amid local market-specific concerns.