Local stocks end week flattish as investors take stock of inflation

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Uma Devi

Published Fri, Feb 10, 2023 · 05:46 PM

The Straits Times Index has finished Friday’s trading session with a marginal gain of 0.04 per cent or 1.21 points to 3,360.69. PHOTO: BT FILE

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SINGAPORE shares ended the week largely unchanged, as investors took stock of inflation levels and the possibility of future rate hikes by the US Federal Reserve.

The Straits Times Index finished Friday’s (Feb 10) trading session with a marginal gain of 0.04 per cent or 1.21 points to 3,360.69. Losers outnumbered gainers 329 to 222, after about 1.2 billion securities worth a collective S$883.7 million changed hands.

Across the region, markets ended the trading session mixed. The Nikkei 225 added 0.3 per cent, and the Bursa advanced 0.7 per cent. The Hang Seng index lost 2 per cent, the Kospi shed 0.5 per cent, and the ASX 200 fell 0.8 per cent.

Looking ahead, IG market strategist Yeap Jun Rong said the US consumer price index (CPI) figures will be a key data point for investors to watch, and that it could be a “key test for risk sentiments”. He expects the core CPI figure to deliver a 0.4 per cent increase month on month, up from 0.3 per cent in December.

Jardine Matheson Holdings was the top gainer for the day, rising 0.7 per cent or US$0.38 to US$52.20.

The trio of lenders were also among the biggest advancers. UOB added 0.5 per cent or S$0.15 to S$30.55; DBS rose 0.3 per cent or S$0.11 to S$36.03, and OCBC gained 0.4 per cent or S$0.05 to S$13.15.

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Electric vehicle player Nio was the biggest loser. The counter slipped 3.8 per cent or US$0.41 to US$10.47.

Jardine Cycle and Carriage was another top decliner, falling 1.1 per cent or S$0.31 to S$28.89.

Sembcorp Marine was the most actively traded counter on Friday, with some 61.5 million shares changing hands. The stock closed at S$0.135, down 0.7 per cent or S$0.001.