Singapore stocks falter in line with regional markets, STI down 0.3%

SINGAPORE – Singapore stocks ended lower on March 26, mirroring regional indexes.

The benchmark Straits Times Index (STI) lost 0.3 per cent or 16.78 points to finish at 4,887.76. Meanwhile, the iEdge Singapore Next 50 Index gained 1.3 per cent or 19.3 points to 1,459.69.

Within the iEdge Singapore Next 50 Index, First Resources was the top gainer, rising 4.2 per cent to finish at $2.73, while Ultragreen.ai was the top loser, falling 6.9 per cent to end the session at US$1.49.

Across the broader market, gainers trailed losers 230 to 349, after 1.4 billion securities worth $1.7 billion changed hands.

Key regional indexes were negative. Hong Kong’s Hang Seng Index lost 1.9 per cent, Japan’s Nikkei 225 index fell 0.3 per cent, South Korea’s Kospi was down 3.2 per cent, and the FTSE Bursa Malaysia KLCI declined 0.3 per cent.

Wilmar International led the gainers on Singapore’s blue-chip index, rising 1.1 per cent or four cents to end at $3.71.

The worst performer among STI constituents was Hongkong Land, falling 2.8 per cent or 23 US cents to close at US$7.86.

The three local banks ended mixed. OCBC Bank rose 0.6 per cent or 13 cents to $21.52 and UOB was up 0.2 per cent or nine cents at $36.68, while DBS finished 0.1 per cent or six cents lower at $57.12.

Stock markets are recovering amid confidence that a ceasefire with Iran might be around the corner, said Mr Jose Torres, senior economist at Interactive Brokers.

However, oil prices rose as Iran continued to deny that productive conversations have taken place and rejected the US’ 15-point offer to end the conflict.

“It’s increasingly a single-variable market, as crude oil costs are the key factor driving buying and selling decisions on Wall Street,” said Mr Torres. THE BUSINESS TIMES