Singapore stocks decline on Friday amid global tech rout; STI down 0.5%

[SINGAPORE] Singapore stocks ended slightly lower on Friday (Jun 26) amid a global tech sell-off rippling across Asia markets.

The benchmark Straits Times Index (STI) lost 0.5 per cent or 27.23 points to finish at 5,191.73.

Across the broader market, losers outnumbered gainers 422 to 194, after 1.4 billion securities worth S$1.9 billion changed hands.

Thai Beverage led the gainers on Singapore’s blue-chip index, rising 1.1 per cent or S$0.005 to end at S$0.44.

The worst performer among STI constituents was Hongkong Land , which fell 2.5 per cent or US$0.18 to close at US$7.10.

The local banks all ended lower. DBS lost 1 per cent or S$0.64 to close the day at S$65.43, OCBC fell 0.3 per cent or S$0.08 to S$24.86, and UOB was down 0.3 per cent or S$0.11 at S$39.80.

Within the iEdge Singapore Next 50 Index, Golden Agri-Resources and Centurion Accommodation Real Estate Investment Trust (Reit) led the gainers with a 1.89 per cent increase each.

Golden Agri-Resources rose S$0.005 to finish at S$0.27, while Centurion Accommodation Reit was up S$0.02 at S$1.08.

PC Partner was the biggest decliner, falling 8.9 per cent or S$0.27 to end the session at S$2.75.

SEE ALSO

South Korean shares post worst week since March on US tech sell-off

Key regional indices were mixed. Hong Kong’s Hang Seng Index lost 1.8 per cent, Japan’s Nikkei 225 index fell 4.2 per cent and South Korea’s Kospi was down 5.8 per cent. The FTSE Bursa Malaysia KLCI advanced 0.2 per cent.

The plunge in South Korean tech stock prices, in particular, comes amid doubts growing over artificial intelligence-related corporate value and investment demand, said Lee Kyoung-min, analyst at Daishin Securities.

However, Han Ji-young, analyst at Kiwoom Securities, believed worries about memory demand declining were “excessive”.

This article was written with the assistance of AI and reviewed by a reporter