STI gains 0.4% amid mixed Asian showing

SINGAPORE stocks were up on Friday (Mar 25), with the Straits Times Index (STI) gaining 0.4 per cent or 13.99 points to close at 3,413.69. Across the broader market, 1.61 billion shares worth S$1.38 billion were traded, with gainers narrowly beating losers 260 to 249.

Regional indices were mixed, with Japan's Nikkei 225 climbing 0.1 per cent, South Korea's Kospi edging up 0.01 per cent and Hong Kong's Hang Seng Index declining by 2.5 per cent. The Kuala Lumpur Composite Index rose 0.3 per cent while the Jakarta Composite Index fell 0.7 per cent.

Oanda senior market analyst Jeffrey Halley noted that Asian equities were mixed as weekend event risk was "rightly sapping the animal spirits" of markets.

"Asian equities are having a mixed day once again, despite another sharp rally in New York overnight. The reasoning behind the rally in New York is tenuous, most especially, the EU declining to sanction Russian energy imports," he said.

The trio of banks were also mixed, with DBS D05 shedding 0.1 per cent or S$0.04 to close at S$35.6 while OCBC O39 gained 0.4 per cent or S$0.05 to close at S$12.35; and UOB U11 climbed 0.4 per cent or S$0.12 to close at S$32.15.

Hongkong Land H78 was the top performer on the STI, rising 2.8 per cent or US$0.14 to close at US$5.08.

At the bottom of the table was Frasers Logistics & Commercial Trust BUOU , which fell 1.4 per cent or S$0.02 to close at S$1.45.

Olam VC2 group was heavily traded, rising 3.4 per cent or S$0.06 to close at S$1.83. The agri-food giant said earlier on Friday that it would sell a 35.4 per cent stake in Olam Agri Holdings to the Saudi Agricultural and Livestock investment Company for US$1.2 billion.

This comes after the company announced on Thursday that it would delay the initial public offering of its OFI unit due to the conflict between Russia and Ukraine.