Singapore stocks slip as oil volatility weighs; STI down 0.4%
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The benchmark Straits Times Index fell 0.4 per cent or 18.74 points to 4,948.87.
ST PHOTO: AZMI ATHNI
Renald Yeo
SINGAPORE - Singapore stocks ended lower on March 20, as the Iranian conflict continued for a third week and oil markets remained under pressure.
The benchmark Straits Times Index (STI) fell 0.4 per cent or 18.74 points to 4,948.87.
The iEdge Singapore Next 50 Index declined 0.9 per cent or 12.88 points to 1,464.78.
The three local banks ended mixed on March 20. UOB rose 0.1 per cent to $37.18, while DBS fell 0.1 per cent to $57.40 and OCBC declined 0.6 per cent to $21.37.
Within the iEdge Singapore Next 50 Index, Centurion Accommodation REIT was the top gainer, rising 6.4 per cent to $1.17, while Banyan Tree was the biggest decliner, falling 5.8 per cent to 57 cents.
Across the broader market, losers edged out gainers 297 to 295, with 1.9 billion securities worth $3.1 billion traded.
Venture Corporation led gains among STI constituents, rising 1.3 per cent to close at $15.95.
Hongkong Land was the worst performer on the index, falling 3.1 per cent to US$8.02, as it traded ex-dividend.
On March 19, it said it had acquired a 10.8 per cent stake in Suntec REIT for $541 million.
The acquisition will enable the group to deploy recently recycled capital into prime, income-producing commercial assets in Singapore, it said in a statement.
On the global front, stocks have “inched up after a brutal sell-off but Iran continues to strike targets” in the Middle East, wrote Mr Neil Wilson, UK investor strategist at Saxo Markets, in a March 20 note.
“The picture is confused,” he added. “Brent crude has dipped back to around US$107 after touching US$119 yesterday.” THE BUSINESS TIMES
