STI dips 0.4% as rally gives way to subdued mood in region

• Losers pip gainers 280-253 in wider market on trade of $1.9b • Jardine Matheson top STI gainer while banks end mixed • Region mostly down with Australia bucking the trend

- Ranamita Chakraborty

Regional investors went into a defensive mode on Aug 14 after a buoyant few days that saw stocks rally on hopes for US interest rate cuts.

The subdued mood sent the Straits Times Index (STI) down 0.4 per cent or 16.24 points to 4,256.52 while losers pipped gainers 280 to 253 on still-solid trade of 1.8 billion securities worth $1.9 billion.

The STI's top gainer was Jardine Matheson Holdings, up 2 per cent to US$58.51, with ST Engineering the chief laggard, down 6.3 per cent to $8.40, despite a 19.7 per cent increase in first-half net profit.