Most STI constituents down as index ends week lower

SINGAPORE shares declined after a few days of gains, with the Straits Times Index (STI) closing 0.85 per cent or

25.62 points down at 2,991.53 on Friday. The STI dipped by 0.44 per cent over the week.

Of the STI constituents, only four - the three Jardine companies and Venture Corp - managed to notch gains on Friday. Three STI constituents - Ascendas Real Estate Investment Trust, Genting Singapore and Mapletree Logistics Trust - ended flat, while the remaining 23 were in the red.

Senior market analyst at Oanda Jeffrey Halley said rising property prices in Singapore have fuelled speculation that authorities will impose new price control measures to limit increases. That could weigh on Singapore equities over the next few days, given so many of the STI stocks are banks and property companies.

Decliners outnumbered advancers on the broader market at 269 to 229, with 2.93 billion securities worth S$1.53 billion changing hands. The biggest STI decliner was property developer City Developments, which lost 2.2 per cent to wrap up trading at S$7.51.

Isetan (Singapore) saw its shares register a 9.4 per cent gain to S$3.50 before it requested a trading halt at about 3.20pm. The department store operator, in a regulatory filing issued shortly after markets closed, said it is exploring options for its investment property at Wisma Atria.

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Dimethylformamide producer Jiutian Chemical was the most active counter with 235 million shares transacted. Its stock was up 3.7 per cent to S$0.11.

Bickering within the US Senate sent US index futures lower, Oanda's Mr Halley said, driving investors in Asia to the sidelines.

The Hang Seng Index dropped 1.6 per cent to 29,447.85 points. The Shanghai Composite Index slipped 0.4 per cent to 3,606.75 points. Japan's Nikkei 225 saw a 0.4 per cent decline to 28,631.45, while South Korea's Kospi dipped 0.6 per cent to 3,140.63 points. Australia's S&P/ASX 200 lost 0.3 per cent to 6,800.4.

The FTSE Bursa Malaysia Kuala Lumpur Composite Index, however, inched up 0.12 per cent to 1,596.74 points.

For full listings of SGX prices, go to https://www2.sgx.com/