Singapore shares end week in the red; STI down 0.14%

The Singapore Exchange emerged as the top performer among STI constituents.
The Singapore Exchange emerged as the top performer among STI constituents.PHOTO: ST FILE

SINGAPORE (THE BUSINESS TIMES) - Local shares reversed their gains from Thursday to end the week in the red despite continued optimism around the loosening of restrictions across the country.

The wary sentiment - evident across much of the region as well - left the benchmark Straits Times Index (STI) down 0.14 per cent or 4.53 points at 3,157.97, although gainers outnumbered losers 257 to 220, with 2.04 billion shares worth $1.18 billion changing hands.

The Singapore Exchange emerged as the top performer among STI constituents, climbing 1.15 per cent to $10.55, while Mapletree Logistics Trust was as the day's biggest decliner, sliding 0.99 per cent to $2.01.

DBS Group Research noted on Friday (June 11) that loosened Covid-19 restrictions are "positive for domestic reopening stocks" such as Frasers Centrepoint Trust (FCT), Mapletree Commercial Trust and ComfortDelGro.

But the analysts added that they "do not anticipate a big price reaction as these domestic reopening stocks have recovered close to April 30 price levels when (the Ministry of Health) first started to tighten measures".

FCT ended up 1.24 per cent at $2.45, while Mapletree Commercial Trust ended flat at $2.15, as did ComfortDelGro on $1.70.

The DBS note added that aviation and travel-related counters such as Sats should lag domestic reopening stocks, as the "reopening of international borders and travel bubbles will only materialise after the local Covid situation stabilises and Singapore achieves a high vaccination rate".

Asian markets ended mixed.

The Hang Seng Index climbed 0.36 per cent, while the Nikkei 225 Index ended the week slightly lower. The benchmark Kospi inched up 0.77 per cent.

Mr Jeffrey Halley, senior market analyst for Asia-Pacific at Oanda, said: "Regional investors appear content to continue reducing exposure ahead of the weekend, and there could be some concerns that the G-7 meeting in progress at the moment could spring some surprises."