Local shares reversed their gains from Thursday to end the week in the red despite some optimism over the loosening of Covid-19 restrictions in Singapore.
The wary sentiment - evident across much of the region as well - left the benchmark Straits Times Index (STI) down 4.53 points, or 0.14 per cent, 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 was the top performer among the STI constituents, climbing 1.15 per cent to $10.55, while Mapletree Logistics Trust was the biggest decliner, sliding 0.99 per cent to $2.01.
DBS Group Research noted yesterday 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 at $1.70.
The DBS note said aviation or travel-related counters should lag behind domestic reopening stocks as the "reopening of international borders and travel bubbles will materialise only after the local Covid situation stabilises and Singapore achieves a high vaccination rate".
Asian markets ended mixed. The Kospi was up 0.77 per cent and the Hang Seng Index climbed 0.36 per cent, but the Nikkei 225 ended 0.034 per cent lower.
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... could spring some surprises."