Singapore stocks close flat on Friday amid cautious calm in Asian markets
Straits Times Index is down 2.9% for the week
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[SINGAPORE] Singapore stocks finished flattish on Friday (Mar 6), as a “tense” calmness returned to key Asian markets even as missiles continued to rain over the Middle East.
The benchmark Straits Times Index (STI) grew a marginal 0.03 per cent or 1.69 points to finish at 4,848.25. This brought the blue-chip index down 2.9 per cent for the week.
Meanwhile, the iEdge Singapore Next 50 Index rose 0.7 per cent on Friday, adding 10.73 points to reach 1,450.97.
Key regional indices also finished higher. Hong Kong’s Hang Seng Index climbed 1.7 per cent, Japan’s Nikkei 225 index added 0.6 per cent, South Korea’s Kospi edged up 0.02 per cent, and the FTSE Bursa Malaysia KLCI gained 0.3 per cent.
“Risk assets are stabilising because the two biggest pressure points in the system – the US dollar and oil – have both eased slightly,” said SPI Asset Management managing partner Stephen Innes.
“The result is a market that feels tense but not broken,” he added. “But the message from volatility markets is clear. The calm is conditional. As long as crude trades in a contained range, equities can rebuild their footing.”
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Across the wider Singapore market, winners outnumbered losers 342 to 233 on Friday, with 1.4 billion securities worth S$2.1 billion changing hands.
The top gainer among the STI constituents was Hongkong Land , which gained 2.8 per cent or US$0.23 to US$8.38.
City Developments was the biggest loser among the blue-chip counters, retreating 1.9 per cent or S$0.18 to close at S$9.16.
The trio of local banks ended mixed. DBS lost 0.2 per cent or S$0.12 to finish at S$55 and OCBC slipped 0.1 per cent or S$0.02 to S$20.82. UOB gained 0.2 per cent or S$0.06 to reach S$36.07.
The biggest STI mover for the week was defence contractor ST Engineering , which gained 9.8 per cent. On the opposite end, Jardine Matheson Holdings fell 8.5 per cent.
Flagship carrier Singapore Airlines and air cargo handler Sats were also among the biggest losers for the week, dropping 7.4 per cent and 6.9 per cent, respectively.
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