Singapore stocks fall on last trading day of year, but STI up 16.9% in 2024

SINGAPORE – Singapore stocks fell on thin trading volumes on Dec 31, before investors usher in the New Year.

The local benchmark Straits Times Index (STI) was down 0.2 per cent or 8.13 points at 3,787.6 after trading ended early on New Year’s Eve. Across the broader market, gainers beat losers 184 to 175 after 553.9 million shares worth $469.9 million changed hands.

On the STI, the Singapore Exchange was the top gainer, rising 1.5 per cent to $12.74.

Wilmar International rose 0.3 per cent to $3.10, after it announced on the evening of Dec 30 that it will acquire Indian conglomerate Adani Group’s remaining stake in Adani Wilmar at a price not exceeding 305 rupees (S$4.80) a share. Adani Wilmar deals in consumer goods.  

Meanwhile, Jardine Matheson Holdings was at the bottom of the pack, falling 2.1 per cent to US$40.97.

All three local banks also closed in the red on Dec 31. OCBC Bank slipped 0.06 per cent to $16.69, while UOB was down 0.08 per cent to $36.33 and DBS ended 0.3 per cent lower at $43.72.

Overnight, US markets were also in the red. The S&P 500 index fell 1.1 per cent, while the Nasdaq shed 1.2 per cent and the Dow Jones Industrial Average declined 1 per cent.

Markets in the region, such as Japan, South Korea, Thailand and Jakarta, were closed on Dec 31.

For the full year of 2024, the STI rose 16.9 per cent, enjoying its best year since 2017.

The top three counters on the index were Yangzijiang Shipbuilding, DBS and Sats, which gained 100.7 per cent, 43.9 per cent and 32.4 per cent, respectively, over the year.

On the other hand, Mapletree Logistics Trust, Genting Singapore and Frasers Logistics and Commercial Trust were at the bottom of the table and fell 27 per cent, 23.5 per cent and 23.5 per cent, respectively.

In total, the STI had 11 gainers and 19 losers in 2024.

THE BUSINESS TIMES