STI dips 0.28% on fresh Cyprus concerns

ASIAN stocks saw more red ink Friday, with the street violence in Cyprus igniting fresh worries over the crisis-hit country's bailout plans.

But the impact was slight for most markets, with profit-takers sending them marginally lower.

Here, the Straits Times Index (STI) dipped 9.08 points, or 0.28 per cent, to 3,258.57. The benchmark indicator finished 0.8 per cent lower for the week.

Some 5.5 billion shares worth $1.3 billion changed hands.

The regional red ink was most pronounced in Japan, where the Nikkei 225 tumbled 2.35 per cent as the yen advanced.

Hong Kong shares inched 0.50 per cent lower, while South Korean stocks slipped 0.11 per cent.

Here, 13 of the 30 STI component counters ended lower, with 11 gainers and six unchanged.

Index heavyweight SingTel tumbled five cents to $3.55 to be the biggest drag on the STI, dampened by profit-taking after Thursday's 12-cent surge.

In contrast, property stocks had a bright outing, with CapitaLand up a cent to $3.51 and City Developments gaining five cents to $11.02.

The day's most active counter was WE Holdings, which soared 2.5 cents to 9.4 cents with 703.8 million units done.

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