Singapore stocks end week slightly higher, STI up 0.2 per cent 

AFTER a week of highs and lows, the Singapore stock market ended on a slightly more upbeat note on Friday (June 3). 

Stock markets around the world faced a tumultuous week as traders struggled with the usual suspects – inflation, interest rates and the ongoing Ukraine conflict –, as well as news about the oil market. 

On Thursday, the Opec+ meeting saw the countries agree to hike output in July and August by a larger-than-expected amount. The commodity has been on a tear since Russia’s invasion of Ukraine. 

Singapore’s benchmark Straits Times Index inched up 0.2 per cent or 5.25 points on Friday to close at 3,231.97. Daily turnover stood at about 1.5 billion securities worth a total of S$792.2 million. Advancers outpaced decliners 197 to 152. 

Across Asia, stock markets ended the day mostly higher. The Nikkei 225 was up 1.3 per cent; the Kospi rose 0.4 per cent, and the ASX 200 added 0.9 per cent.  However, the KLCI fell 0.8 per cent.

“Equity markets, having been programmed to buy any dip over the last 2 decades thanks to the asset price backstop of global monetary policy, are looking for even the most tenuous reasoning to price the end of the bear market,” said Jeffrey Halley, senior market analyst at Oanda. 

“The trajectory of US interest rates is the one ring to rule them all with global markets and asset classes everywhere.”

On the local bourse, Jardine Cycle and Carriage was the top advancer, rising 3.1 per cent or S$0.90 to S$29.90. Nio was another top gainer, adding 3.2 per cent or US$0.58 to US$18.82. 

Thinly-traded Sri Trang Agro was the biggest loser, shedding 6.4 per cent or S$0.065 to S$0.955. DBS was another notable decliner, closing 0.2 per cent or S$0.05 lower at S$31.00. The other 2 local lenders ended the week higher – OCBC added 0.3 per cent or S$0.04 to S$11.86, and UOB rose 0.1 per cent or S$0.02 to S$28.92. 

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Marco Polo Marine was the most heavily traded counter for the day, with some 294.9 million shares changing hands. The stock closed at S$0.033, up 10 per cent or S$0.003.