SINGAPORE – Muted new data for the Singapore economy helped send shares dipping on Friday and into negative territory for the week.

Investors were rattled by news that the Government had revised down its gross domestic product (GDP) growth forecast for the second quarter and narrowed its full-year estimate. The benchmark Straits Times Index (STI) responded by falling 0.9 per cent, or 28.65 points, to 3,294.28, ending the week down 0.5 per cent.

Trade was relatively robust, with 1.1 billion shares worth $1 billion changing hands, while losers outpaced gainers 319 to 263.

SPI Asset Management managing partner Stephen Innes said Singapore’s GDP growth has fallen below expectations, indicating signs of a slowdown. Asian equity markets are also experiencing a slight wobble after the rally on Wall Street sputtered towards the end of the session overnight, he noted.

“Furthermore, some major Chinese housebuilders’ concerns have further dampened sentiment,” he added.

Regional indexes were largely in the red as well following that flat trading day on Wall Street. The Hang Seng fell 0.9 per cent, the Kospi Composite lost 0.4 per cent, the Bursa Malaysia slid 0.1 per cent and Australia’s ASX dipped 0.2 per. The Nikkei 225 gained 0.8 per cent.

The STI’s biggest loser was property and hospitality group UOL, down 2.9 per cent to $6.74. It posted a 63.6 per cent fall in first-half net profit to $135 million, due to significantly lower attributable fair value gains on investment properties.

Meanwhile, Genting Singapore was the top STI gainer, rising 3.8 per cent to 95.5 cents.

The integrated resort operator posted a first-half net profit of $276.7 million, more than three times the figure in the same period a year ago, due to more foreign visitor arrivals into Singapore.

The trio of local banks ended lower on Friday. DBS Bank lost 1.8 per cent to $33.62, OCBC Bank fell 1.3 per cent to $13.08, while UOB declined 0.7 per cent to $28.98. THE BUSINESS TIMES