Singapore stocks slip as Asian markets trade mixed
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The benchmark Straits Times Index traded down 0.1 per cent or 2.55 points at 3,266.63.
PHOTO: ST FILE
Raphael Lim
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SINGAPORE – Local shares took the lead from a bearish Wall Street overnight
The sour mood left the benchmark Straits Times Index (STI) down 0.1 per cent, or 2.55 points, at 3,266.63 and also off 0.1 per cent for the week.
Gainers outnumbered losers 285 to 265 across the broader market after 1.3 billion shares worth $817.3 million were traded.
UOL was the biggest STI decliner, slipping 0.8 per cent to $7.10.
The local banks were also among the losers. OCBC Bank and UOB fell 0.2 per cent. DBS Group Holdings slipped 0.7 per cent to close at $31.90. It was the worst STI performer for the week, falling 2.8 per cent from last Friday’s close.
Sembcorp Industries was the top STI performer for the week. The counter fell 0.4 per cent on Friday to $4.58, but was still up 7 per cent since last Friday.
Elsewhere in the Asia Pacific, markets were trading mixed after overnight losses in major United States indices, as fears persisted over regional banks’ stability and the overall economy’s health.
That anxiety sent the S&P 500 down 0.7 per cent while the Dow Jones Industrial Average fell 0.9 per cent and the tech-focused Nasdaq lost 0.5 per cent.
“The confidence in the US banking space remains unrestored,” said IG market analyst Yeap Jun Rong.
“As we head into the weekend, focus will be on how the authorities could move to address the issue to limit further contagion risks. Any inaction over the weekend could translate to a more downbeat risk environment to start next week.”
Australia’s ASX 200 rose 0.4 per cent to snap a three-day fall. Hong Kong’s Hang Seng gained 0.5 per cent and the Shanghai Composite fell 0.5 per cent. Markets in Japan and South Korea were closed for holidays. THE BUSINESS TIMES
