SINGAPORE – Local investors took heart from the much-anticipated results of chip giant Nvidia overnight and nudged stocks slightly higher on Aug 29.

The benchmark Straits Times Index (STI) rose 0.4 per cent or 13.44 points to 3,404.47, with gainers nudging out losers 264 to 257 on trade of one million shares worth $1 billion in the broader market.

Wall Street was in a nervy state awaiting the Nvidia results, a sign of growing concerns about the resilience of the booming tech sector.

The Dow Jones Industrial Average, which closed at a record high on Aug 27, fell 0.4 per cent, the benchmark S&P 500 slipped 0.6 per cent, and the tech-heavy Nasdaq was off 1.1 per cent.

Key regional indexes were not sure which leads to follow. South Korea’s Kospi fell 1 per cent, Australia’s bourse ended 0.3 per cent lower, led down by energy and consumer-exposed shares, while Malaysian shares dived 1.3 per cent. But Hong Kong’s Hang Seng rose 0.5 per cent and Japan’s Nikkei 225 was mostly flat.

Nvidia was the talk of the markets after the firm, a key beneficiary of the artificial intelligence boom, posted second-quarter revenue of US$30 billion (S$39.03 billion), beating a US$28.8 billion estimate. However, that growth was slower than the pace recorded in earlier quarters.

Saxo head of equity strategy Peter Garnry cited a dip in Nvidia’s shares of 5 per cent to 7 per cent during after-hours trading and noted: “Judging from the initial market reaction in extended trading hours, the loftiest expectations were clearly not met.”

Back home, the STI’s top gainer was Singtel, which rose 3.1 per cent to $3.02, with Hongkong Land next, up 2.5 per cent to US$3.76.

Seatruim was at the bottom of the performance table, sliding 1.4 per cent to $1.45.

The local banks were all in the black: DBS Bank gained 0.4 per cent to $35.81; OCBC Bank added 0.2 per cent to $14.43; and UOB increased 0.6 per cent to $31.05. THE BUSINESS TIMES