Singapore shares slide 1.6% on Friday but still up on the week

GOING by the mood on trading floors across the Asia-Pacific, it would not be an overstatement to say anxiety has returned after three sessions of gains.

The mid-week focus on encouraging regional economic data and stimulus measures by China's central bank all but evaporated. Returning to the centre of attention was the unrelenting pace of the novel coronavirus spread and along with it, the impact it is having on the global economy.

Oanda's Asia-Pacific senior market analyst Jeffrey Halley noted that investors were also booking profits and reducing risk ahead of crucial US non-farm payroll data for January.

On Friday, Singapore's Straits Times Index (STI) finished at 3,181.48, sliding 50.07 points or 1.6 per cent. This is the STI's second-largest single-day drop this year, after Jan 28's 1.8 per cent skid. On the week, the blue-chip index advanced 27.75 points or 0.9 per cent from Jan 31's close of 3,153.73.

Elsewhere in the Asia-Pacific, Australia, China, Japan, Hong Kong, Malaysia, South Korea and Taiwan all closed with losses.

In Singapore, trading volume stood at 1.69 billion securities, 43 per cent more than the 2019 daily average. Total turnover was S$1.47 billion, 38 per cent over last year's intraday mean.

Decliners outpaced advancers 302 to 151, with 27 of the benchmark's 30 counters ending in the red.

With investors back to worrying about the implications of the fast-spreading coronavirus, so did plays by punters on Singapore-listed medical groups and rubber glove makers.

After spending most of the week cooling off, Medtecs International, a recent favourite of contra traders commenced what could be the beginning of a second red-hot run. The manufacturer and distributor of medical consumables jumped 2.7 Singapore cents or 35.5 per cent to 10.3 cents with 288.6 million shares changing hands.

Other active sector plays include Singapore Medical Group, which added S$0.02 or 6.8 per cent to 31.5 cents. UG Healthcare, a manufacturer of rubber gloves, climbed S$0.04 or 19.1 per cent to S$0.25.

It was very much similar for tourism- and leisure-related listings here. Singapore Airlines fell S$0.16 or 1.8 per cent to S$8.58 while units of CDL Hospitality Trusts, which traded ex-dividend of 1.05 cents, closed S$0.03 or 2 per cent lower at S$1.50.

The focus may be on the virus but the corporate earnings season continues to roll on.

Singapore Post saw a 39.3 per cent slump in net profit to S$30.5 million for its third quarter ended Dec 31, 2019, from S$50.2 million a year ago. After the announcement, its shares dipped S$0.01 or 1.1 per cent to S$0.89.

Meanwhile, CapitaLand Retail China Trust units slipped S$0.02 or 1.3 per cent to S$1.52 after posting a 3.3 per cent decline in Q4 distribution per unit to 2.34 Singapore cents.

Ahead its earnings release for the last financial year on Feb 21, Sembcorp Industries shares were sold off, shedding S$0.13 or 6 per cent to S$2.03 after issuing a profit guidance for its Q4 and FY2019 earnings due to an impairment of S$245 million.

The impairment forms around 4 per cent of the company's net asset value as at Sept 30, 2019.