Singapore stocks open higher on Friday; STI up 0.1%

BUCKING the trend for the second consecutive trading session, Singapore shares opened higher on Friday (Apr 1), even as global markets retreat over concerns on the ongoing Ukraine war.

The Straits Times Index (STI) rose 0.1 per cent, or 1.99 points at 3,410.51 as at 9.01 am.

Losers outnumbered gainers 69 to 53, as some 123.4 million securities worth S$117.8 million were being traded.

Similar to early trade on Thursday, the most active counter was oil and gas company S51 . Over 36 million of its securities changed hands, as its share price dropped 3.1 per cent, or S$0.003 at S$0.095.

It had given notice in a bourse filing on Wednesday that the company recorded 3 straights years of losses.

RW0U was also heavily traded,with 15.4 million securities transacted. The unit price of the real estate investment trust however remained unchanged at S$1.23.

E27 , which deals in branding, events organising and tourism-related business development, also saw brisk trading with 13.3 million securities changing hands. Its share price soared 10.8 per cent, or S$0.009 to S$0.092.

Index counter Z74 was also actively traded, with over 5 million shares transacted. Its share price rose 1.1 per cent, or S$0.03 at S$2.67.

It was a mixed bag for the shares of the 3 local banks. D05 fell 0.8 per cent, or S$0.29 at S$35.54. O39 also declined 0.1 per cent, or S$0.01 at S$12.37.

U11 , however, rose 0.2 per cent, or S$0.07 at S$32.09.

Over in the United States, US stocks slumped to close out the first quarter on Thursday with its biggest quarterly decline in 2 years as concerns persisted about the continuing conflict in Ukraine and its inflationary effect on prices and the Federal Reserve's response.

While optimism about a possible peace deal between Ukraine and Russia helped lift stocks earlier in the week, hopes quickly evaporated and Russia's President Vladimir Putin threatened on Thursday to halt contracts supplying Europe with a third of its gas unless they are paid in roubles as Ukraine prepared for more attacks.

The Dow Jones Industrial Average fell 550.46 points or 1.6 per cent to 34,678.35, the S&P 500 lost 72.04 points or 1.6 per cent to 4,530.41 and the Nasdaq Composite dropped 221.76 points or 1.5 per cent to 14,220.52.

Stock prices have been sensitive to any signs of progress towards a peace pact between Russia and Ukraine. Already-high US inflation has intensified with surging commodity prices such as oil and metals since the war began.

Stock markets in Europe also fell on Thursday, widening a quarterly loss that would be the first in 2 years.

The pan-European stock index Stoxx 600 fell 0.9 per cent, tracking a global risk-off tone. Market optimism around peace talks fizzled out after Ukrainian President Volodymyr Zelensky said his forces were bracing for fresh Russian attacks in the south-east.

Tokyo shares opened lower on Friday tracking falls on Wall Street as worries about the Russian invasion of Ukraine mounted.

The benchmark Nikkei 225 index fell 0.7 per cent or 197.32 points to 27,624.11 at the open, while the broader Topix index also lost 0.7 per cent or 13.36 points to 1,933.04.