STI closes lower after Wall Street sell-off

The Straits Times Index dropped to 3,013.85 points, 0.03 per cent lower. PHOTO: ST FILE

SINGAPORE (THE BUSINESS TIMES) - Key regional markets went the opposite way from rising bond yields on Friday, when Federal Reserve chair Jerome Powell held out the prospect of a rise in inflation and sparked off an overnight sell-off in equities and bonds in the United States.

Singapore shares closed down as the Straits Times Index dropped to 3,013.85 points, 0.03 per cent lower. The gauge, however, closed about 2.1 per cent higher over the week.

SBS Transit's shares traded marginally higher at S$3.02, up 1 per cent, after the government announced in Parliament on Friday that it will review the fixed-fee framework for the Downtown Line that SBS Transit operates.

Mainboard-listed Sats closed down at S$4.30 or 1.6 per cent lower, as the aviation sector in which the ground-handler and inflight caterer operates is unlikely to enjoy a V-shaped take-off this year.

FJ Benjamin's shares were the most heavily traded, with about 168.4 million transacted as the price inched up 0.1 Singapore cent to S$0.044. The company was removed from the Singapore Exchange's watch list and also announced a partnership with e-commerce platform Lazada for its retail business.

Advancers outnumbered decliners 255 to 211 in the broader market, while S$1.61 billion transacted over a volume of 2.44 billion securities.

Most regional markets dropped, only Malaysia managed a gain.

Japan's Nikkei 225 closed at 0.23 per cent lower, while South Korea's Kospi shed 0.57 per cent.

Australia's S&P/ASX 200 was down by 0.74 per cent. The Shanghai Composite Index posted a 0.04 per cent drop while Hong Kong's Hang Seng Index closed lower by 0.47 per cent.

The FTSE Bursa Malaysia Kuala Lumpur Composite Index climbed 1.19 per cent.

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