Genting Singapore leads STI’s 0.3% decline on Wednesday

[SINGAPORE] Singapore stocks ended lower on Wednesday (Feb 25), bucking regional gains, which tracked advances in the US market on artificial intelligence (AI) optimism.The benchmark Straits Times Index (STI) lost 0.3 per cent or 13.06 points to finish at 5,007.73. Meanwhile, the iEdge Singapore Next 50 Index remained mostly unchanged at 1,526.59.Across the broader market, gainers trailed losers 286 to 310, after 1.7 billion securities worth S$2.3 billion changed hands.The biggest decliner among the STI constituents was Genting Singapore , which fell 8.2 per cent or S$0.065 to S$0.725. The company on Tuesday posted a 30 per cent decline in second-half net profit. The local banks all ended lower. DBS lost 0.3 per cent or S$0.17 to finish at S$57.69, OCBC slipped 0.1 per cent or S$0.03 to S$21.40, and UOB was down 0.6 per cent or S$0.22 at S$36.98.Meanwhile, DFI Retail Group led the blue-chip gainers with a 3.9 per cent or US$0.16 rise to US$4.30.Within the iEdge Singapore Next 50 Index, SBS Transit was the top gainer, advancing 10.8 per cent or S$0.37 to S$3.81. Hong Leong Asia was the biggest loser, falling 10.3 per cent or S$0.35 to S$3.05.Across the region, most key indices advanced. Hong Kong’s Hang Seng gained 0.7 per cent, Japan’s Nikkei 225 rose 2.2 per cent, and South Korea’s Kospi was up 1.9 per cent. The FTSE Bursa Malaysia KLCI fell 0.4 per cent.“The schizophrenic tape around AI has become an accepted reality,” said Stephen Innes, managing partner at SPI Asset Management, adding: “Traders have stopped arguing theology and started trading momentum. Asian equity markets leaned into the relief momentum.”He noted that South Korea, Taiwan and Japan are not debating whether AI destroys jobs. Instead, they are shipping the equipment that powers it, with capital expenditure on AI being their earnings, he said.