Singapore stocks close flat on March 6 amid cautious calm in Asian markets
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Across the broader market in Singapore, winners outnumber losers 342 to 233, with 1.4 billion securities worth $2.1 billion changing hands.
ST PHOTO: AZMI ATHNI
Jude Chan
- Singapore's STI edged up marginally by 0.03% to 4,848.25, marking a 2.9% weekly decrease, while the iEdge Singapore Next 50 Index rose by 0.7%.
- Regional markets showed gains, with Hong Kong, Japan, and South Korea indexes rising. Winners outnumbered losers in Singapore's wider market.
- "Risk assets are stabilising," says Stephen Innes, but volatility suggests the calm depends on contained crude oil trading. Hongkong Land gained, while City Developments fell.
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SINGAPORE - Singapore stocks finished flattish on March 6, as a “tense” calmness returned to key Asian markets even as missiles continued to rain over the Middle East.
The benchmark Straits Times Index (STI) grew a marginal 0.03 per cent or 1.69 points to finish at 4,848.25. This brought the blue-chip index down 2.9 per cent for the week.
Meanwhile, the iEdge Singapore Next 50 Index rose 0.7 per cent on Friday, adding 10.73 points to reach 1,450.97.
Key regional indexes also finished higher. Hong Kong’s Hang Seng Index climbed 1.7 per cent, Japan’s Nikkei 225 added 0.6 per cent, South Korea’s Kospi edged up 0.02 per cent, and the FTSE Bursa Malaysia KLCI gained 0.3 per cent.
“Risk assets are stabilising because the two biggest pressure points in the system – the US dollar and oil – have both eased slightly,” said SPI Asset Management managing partner Stephen Innes.
“The result is a market that feels tense but not broken,” he added. “But the message from volatility markets is clear. The calm is conditional. As long as crude trades in a contained range, equities can rebuild their footing.”
Across the wider Singapore market, winners outnumbered losers 342 to 233 on March 6, with 1.4 billion securities worth $2.1 billion changing hands.
The top gainer among the STI constituents was Hongkong Land, which gained 2.8 per cent or 23 US cents to US$8.38. City Developments was the biggest loser among the blue-chip counters, retreating 1.9 per cent or 18 cents to close at $9.16.
The trio of local banks ended mixed. DBS lost 0.2 per cent or 12 cents to finish at $55 and OCBC slipped 0.1 per cent or two cents to $20.82. UOB gained 0.2 per cent or six cents to reach $36.07.
The biggest STI mover for the week was defence contractor ST Engineering, which gained 9.8 per cent. On the opposite end, Jardine Matheson Holdings fell 8.5 per cent.
Flagship carrier Singapore Airlines and air cargo handler Sats were also among the biggest losers for the week, dropping 7.4 per cent and 6.9 per cent, respectively. THE BUSINESS TIMES
