STI tracks overnight Wall Street declines as it slides 0.5%
Across the broader market, decliners beat gainers 365 to 228, with 1.6 billion securities worth about S$2.1 billion changing hands
[SINGAPORE] Singapore’s Straits Times Index (STI) dropped on Friday (Jan 30) after major US indices S&P 500 and Nasdaq Composite Index slid overnight.
The STI slid 0.5 per cent or 24.9 points to 4,905.13, with index heavyweights DBS , UOB and OCBC all finishing lower.
DBS led the banking trio’s declines, falling 1 per cent or S$0.59 to S$59.20. This was followed by UOB, which dropped 1 per cent or S$0.38 to S$38.27 and OCBC, which slipped 0.6 per cent or S$0.12 to S$21.23.
Yangzijiang Shipbuilding was the worst performer on the STI, with a S$0.06 or 1.8 per cent decline to S$3.34, without any market-sensitive announcement by the China-based ship builder.
Meanwhile the iEdge Singapore Next 50 Index was almost flat – inching up 0.02 per cent or 0.32 point to 1,501.57.
Mainboard-listed civil engineering group OKP traded S$0.58 lower, but that is entirely due to the stock going ex-bonus. In effect, OKP ended 3.6 per cent or S$0.03 higher at S$0.84 after adjusting for the extra shares shareholders will receive. In November, the company announced a bonus issue of three shares for every four existing shares.
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Across the broader market, decliners beat gainers 365 to 228, with 1.6 billion securities worth about S$2.1 billion transacted.
Main indices on Wall Street finished lower overnight, with the Nasdaq leading declines. Investor sentiment was bruised by the latest earnings reports and there was concern about whether Big Tech’s artificial intelligence investments would pay off.
Private banking and asset management group LGT said stocks in the Asia-Pacific region were trading mostly lower on Friday, reflecting the weaker close on Wall Street and Europe as investors shifted to a more risk-off stance.
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