Singapore stocks close a hair’s breadth lower on Thursday; STI down 0.1%

THE Straits Times Index (STI) overcame a slump in early trading to close 1.98 points or 0.06 per cent lower at 3,219 points on Thursday (Mar 23).

In the wider Singapore market, gainers outnumbered losers 321 to 249, with 1.6 billion securities worth S$1 billion traded.

“The overarching message from the Federal Open Market Committee meeting was that any further devolution in the banking sector turmoil would be a crucial determinant of the next policy step,” said SPI Asset Management managing partner Stephen Innes.

“Ultimately, increasing uncertainty – especially at the US Federal Reserve – tends to produce adverse economic effects. Hence, market sentiment typically turns sour until some semblance of policy certainty returns,” he added.

Singapore’s lower-than-expected inflation figures for February, however, helped to buoy investor sentiment.

Yangzijiang Shipbuilding was the biggest winner among Singapore’s constituent stocks, gaining 4.2 per cent or S$0.05 to close at S$1.25. The counter was also the most actively traded on the blue-chip index, with 30.6 million shares changing hands.

Singtel was another heavily traded STI stock, with 26.2 million shares transacted. The counter ended 0.4 per cent or S$0.01 lower at S$2.40.

Real estate investment trusts (Reits) and property players were among the worst performers on the STI.

Mapletree Pan Asia Commercial Trust was at the bottom of the table, falling 1.1 per cent or S$0.02 to close at S$1.75.

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Fellow Reit peers Keppel DC Reit and CapitaLand Ascendas Reit were also among the top five losers, shedding 1 per cent and 0.7 per cent, respectively.

Meanwhile, Hongkong Land and CapitaLand Investment each lost 0.9 per cent.

The trio of local banks all finished lower. DBS dipped 0.03 per cent or S$0.01 to S$33.49, UOB fell 0.3 per cent or S$0.08 to S$29.42, and OCBC dropped 0.2 per cent or S$0.02 to end at S$12.34.