Singapore shares fall on April 17, pending news of US-Iran diplomacy efforts; STI down 0.2%
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Across the broader market, losers beat gainers 316 to 257, with 1.8 billion securities traded.
ST PHOTO: AZMI ATHNI
Benicia Tan
- Singapore's STI closed lower, down 0.2% to 4,997.93, mirroring regional declines amidst US-Iran ceasefire uncertainty.
- Losers outnumbered gainers, with Seatrium being the worst performer and Yangzijiang Shipbuilding leading gainers.
- Investors await ceasefire news; analysts predict swift sector rotation if a deal is reached, impacting global growth.
AI generated
SINGAPORE - Stocks in Singapore closed lower on April 17, mirroring a broader regional reversal as investors awaited updates on an extension to the US-Iran ceasefire that ends on April 21.
The benchmark Straits Times Index (STI) lost 0.2 per cent or 9.9 points to finish at 4,997.93.
Across the broader market, losers beat gainers 316 to 257, after 1.8 billion securities worth $2.1 billion changed hands.
The three local banks ended mixed. OCBC rose 0.3 per cent or six cents to $22.72, while DBS finished 0.1 per cent or 5 cents lower at $57.25 and UOB fell 0.3 per cent or 12 cents to $37.40.
Yangzijiang Shipbuilding led the gainers on Singapore’s blue-chip index, rising 1 per cent or 4 cents to $4.09.
The worst performer among STI constituents was Seatrium, which retreated 1.6 per cent or 4 cents to $2.42.
Key regional indexes were mixed. Hong Kong’s Hang Seng Index lost 0.9 per cent, Japan’s Nikkei 225 index fell 1.8 per cent and South Korea’s Kospi was down 0.6 per cent. The FTSE Bursa Malaysia KLCI gained 0.3 per cent.
“There is a growing sense that traders may begin lightening risk into the weekend as the ceasefire clock ticks towards Tuesday (April 21),” said Mr Stephen Innes, managing partner at SPI Asset Management.
Headlines suggesting that negotiations could last for months are “already tempering” market enthusiasm, he added. “Even the most momentum-driven rallies can suffer from exhaustion.”
Meanwhile, Mr Nigel Green, chief executive officer of deVere Group, said: “If a deal materialises this weekend, the rotation across sectors will be swift and decisive.”
Noting the rally in Asian markets during the week, he added: “Markets are already moving ahead of the outcome. Investors are positioning for a scenario in which tensions ease, energy flows stabilise, and global growth expectations improve.”
