Singapore stocks fall in line with regional bourses; STI down 2.2%
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Across the broader market, gainers trail losers 144 to 554 after 2.1 billion securities change hands.
ST PHOTO: AZMI ATHNI
Benjamin Cher
- Singapore stocks fell, with the Straits Times Index (STI) dropping 2.2% to 4,841.30, mirroring regional market declines on March 23.
- Singtel was the worst performer due to user-reported disruptions, while local banks DBS, OCBC, and UOB all experienced declines.
- Saxo's Neil Wilson noted markets are pricing in higher inflation, slower growth and war fears, impacting energy and bond markets.
AI generated
SINGAPORE - Singapore stocks ended lower on March 23, mirroring regional peers.
The benchmark Straits Times Index (STI) lost 2.2 per cent, or 107.57 points, to finish at 4,841.30. Meanwhile, the iEdge Singapore Next 50 Index gained 0.1 per cent, or 1.2 points, to 1,465.98.
Within the iEdge Singapore Next 50 Index, Frencken Group was the biggest decliner, falling 7.2 per cent, or 15 cents, to finish at $1.93. There were no gainers on the index on March 23.
Across the broader market, gainers trailed losers 144 to 554, after 2.1 billion securities worth $2.8 billion changed hands.
Key regional indexes were negative. Hong Kong’s Hang Seng Index lost 3.5 per cent, Japan’s Nikkei 225 index fell 3.5 per cent and South Korea’s Kospi was down 6.5 per cent.
Sembcorp Industries was the only gainer on Singapore’s blue-chip index, rising 2.6 per cent, or 16 cents, to end at $6.31.
The worst performer among STI constituents was Singtel, falling 5.4 per cent, or 28 cents, to close at $4.93.
The telco was once again hit with user reports of disruption on March 23 after three consecutive days of issues last week.
The local banks all ended lower. DBS Bank lost 1.7 per cent, or 98 cents, to $56.42; OCBC Bank fell 1.7 per cent, or 37 cents, to finish at $21; and UOB was down 2.2 per cent, or 80 cents, at $36.38.
Markets are increasingly pricing in higher inflation and slower growth aside from energy disruption, said Mr Neil Wilson, market strategist at Saxo. Now markets are also expressing war fears through stocks and bonds other than crude and gas prices, as bond markets roiled last week.
The markets are starting to wake up to the gravity of the potential for long-term impact on energy markets.
“I’ve repeatedly stressed that markets were underpricing the risks for a variety of reasons and showed a degree of complacency about the war, but markets are starting to take notice,” said Mr Wilson.
