SINGAPORE – Local shares took another hit on Friday but still managed to end a turbulent week slightly in the black.
Bank concerns were the main preoccupation among investors and helped send the Straits Times Index (STI) down for a second consecutive day.
The blue-chip benchmark ended 6.36 points, or 0.2 per cent, lower at 3,212.64 yet still finished the week 0.9 per cent ahead.
Gainers edged out losers 293 to 258 across the wider market, with 2.08 billion shares worth $993.5 million traded.
The bourse is expected to remain wary in the near term, largely due to banking woes in the United States and Europe, noted IG market analyst Yeap Jun Rong.
“A more reactive stance to bank collapses seems to be preferred by the authorities for now, setting the stage for banking jitters to remain,” he added.
Closer to home, Mr Yeap noted that five consecutive weeks of net institutional outflows – according to Singapore Exchange (SGX) data – also do not provide much conviction for a sustained upside for now.
SGX was the biggest winner among Singapore’s constituent stocks, gaining 1.7 per cent to $9.08, while Genting Singapore was at the other end of the scale, losing 1.8 per cent to $1.08.
Yangzijiang Shipbuilding was the STI’s most actively traded counter, with 31.9 million shares done. The stock closed 0.8 per cent lower at $1.24.
The three local banks had a mixed showing. DBS fell 0.4 per cent to $33.37, UOB lost 0.4 per cent to $29.29, and OCBC eked out a 0.2 per cent gain to close at $12.36.
Most key markets across Asia also finished lower. Hong Kong’s Hang Seng Index, the Shanghai Composite, Japan’s Nikkei 225, South Korea’s Kospi and the FTSE Bursa Malaysia fell between 0.1 per cent and 0.8 per cent.
Australian shares fell 0.6 per cent to end their seventh consecutive weekly decline. THE BUSINESS TIMES