SINGAPORE - Local shares stumbled on Thursday, ending the Straits Times Index’s (STI) solid run – three consecutive days of advances – this week.

The STI fell 0.2 per cent to close at 3,257.18. However, gainers outpaced losers 308 to 255 on the broader market, after some 2.2 billion securities worth a total of $1.4 billion changed hands.

SPI Asset Management’s managing partner Stephen Innes said in a note on Thursday that volatility in recent weeks has diminished.

“The good news for stocks is that growth concerns have moved into the driver’s seat after the recent banking shock, where investors are now positioning for the (US Federal Reserve) to cut (rates) and instead rely on credit tightening to tame inflation,” he said.

Mr Innes added that, for now, it is a return to “data watching” as stock market operators prepare for the first-quarter earnings season.

Jardine Cycle & Carriage was the biggest gainer on the local bourse, adding 2.2 per cent to $30.66.

Another top gainer was Global Palm Resources, which jumped 89.9 per cent to 24.5 cents. On Wednesday, the company’s chief executive Suparno Adijanto, along with six family members, launched an offer to take the palm oil producer private at 25 cents per share.

The offer price represents a premium of 93.8 per cent over 12.9 cents, which was the counter’s last traded price on Tuesday before the company called for a trading halt.

The three lenders – DBS, UOB and OCBC – were among the decliners on Thursday. All three were trading on a cum-dividend basis.

Sembcorp Marine was the most actively traded stock, with about 910.2 million shares changing hands. It closed flat at 11.5 cents.

Other heavily traded counters were Rex International, The Place Holdings and Genting Singapore. THE BUSINESS TIMES