Singapore shares saw a slight decline on June 28, mainly due to decreases in large-cap counters as investors awaited key market cues on the last trading day of the quarter. Wall Street showed a sense of calm, with minimal gains across the key indexes, including the S&P 500 and Nasdaq nearing record highs.
The Straits Times Index (STI) slipped by 0.3%, with losers slightly outnumbering gainers in the broader market. Sembcorp Industries experienced the largest decline, while CapitaLand Integrated Commercial Trust led the index. Local banks had a mixed performance, with DBS Bank and OCBC Bank in the red, and UOB in positive territory.
Meanwhile, other markets in Asia ended on a positive note, with gains in Tokyo, Seoul, Hong Kong, Malaysia, and Australia. The higher-than-expected consumer price index in Japan hinted at a potential wage-price spiral, as suggested by the Bank of Japan.
Overall, the gains on Wall Street reflected some optimism among investors, but caution still prevailed due to upcoming data releases, such as the personal consumption expenditure price data. Despite the modest gains, there is little appetite for risk-taking, especially with surprises in inflation numbers from Canada and Australia this week.
DailyBubble believes that investors should remain cautious and stay informed about market developments to make informed decisions in the current economic climate.