Singapore shares nearly flat on Friday, STI edge up 0.03%

SINGAPORE stocks were nearly flat on Friday (Jan 20) amid a disappointing performance in the US and European markets.

The Straits Times Index (STI) edged up 0.03 per cent or 0.84 points to 3,227.02 as at 9.01 am. Gainers outpaced losers 60 to 39 after 32.1 million securities worth S$44.1 million changed hands.

MarcoPolo Marine was the most traded stock with 5.1 million shares changing hands. It rose 2.4 per cent or S$0.001 to S$0.042.

Index counter Singtel dipped 0.4 per cent or S$0.01 to S$2.44, with 3.4 million shares being traded.

Other index counters ThaiBev and Mapletree Pan Asia Commercial Trust rose 0.7 per cent and 0.6 per cent respectively to S$0.705 and S$1.80.

Suntec Real Estate Investment Trust saw 1.4 million units changing hands and rose 1.5 per cent or S$0.02 to S$1.39. The Reit’s distribution per unit fell by 9.7 per cent to S$0.04074 for the second half of 2022 ended December, from S$0.04512 a year ago, according to a regulatory filing on Friday.

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Activity for the trio of local banks varied. DBS fell 0.4 per cent or S$0.15 to S$34.38, while UOB rose 0.4 per cent or S$0.11 to S$29.32. OCBC also rose by 0.2 per cent or S$0.03 to S$12.62.

Wall Street stocks slid again on Thursday amid lingering worries over a recession as a top Federal Reserve official pledged a tough line on inflation.

The Dow Jones Industrial Average fell down 0.8 per cent at 33,044.56. The broad-based S&P 500 dropped 0.8 per cent to 3,898.85, while the tech-rich Nasdaq Composite Index shed 1.0 per cent to 10,852.27.

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The decreases came as the yield on the 10-year US Treasury note pushed higher, highlighting worries that the Fed may not be close to pivoting from its tough stance on inflation.

European shares also recorded their worst single-day selloff of the year on Thursday. Stoxx 600 broke a six-day winning streak and fell 1.6 per cent, marking its biggest percentage loss since Dec 15.

Disappointing earnings reports, weak US economic data, and hawkish comments from central bankers also rekindled fears of a global economic slowdown.