SINGAPORE – Investors have been struggling to find direction this week, and May 9 was no exception, with bourses reporting mixed results amid uncertainty.
The change in mood here was positive enough to push the benchmark Straits Times Index (STI) up 1.42 points (0.04%) to 3,265.95. Volume was modest with advancers outnumbering decliners 300-264 after 942.2 million shares worth $1.1 billion were traded across the market.
There were mixed messages elsewhere, with Japan and South Korea ending in the red, while Shanghai Composite and Hong Kong's Hang Seng closed higher.
Australian shares unexpectedly fell, ending 1.1% lower after posting strong gains over the past five days.
Wall Street was also in turmoil overnight, but the Dow Jones Industrial Average rose 0.4%, marking its sixth straight day of gains and its longest winning streak this year.
The tech-heavy Nasdaq fell 0.2%, and the S&P 500 index fell three-hundredths of a point, its smallest decline since 2018.
Analysts believe the positive impact from strong U.S. earnings reports has faded and investors' concerns have shifted back to interest rates.
Charu Chanana, Saxo's head of currency strategy, said the disappointing earnings outlook for U.S. chip designer Arm has spilled over into other chipmaker stocks.
Semiconductor company AEM suffered heavy losses on the local stock exchange, dropping 12.9% to $2.02. The company reported on May 8 that first-quarter profits fell 85%.
UOB led the STI gainers, rising 1.6% to $30.35. OCBC Bank rose 1.2%, while DBS Bank, which was trading ex-dividend, fell 1.2% to $35.28.
Wilmar International was the top STI decliner, down 1.2% to $3.17.
Yangtze Shipbuilding was one of the most active stocks, with 25.4 million shares outstanding. The counter rose 0.6% to $1.72.business hours
