Singapore stocks end lower on Friday, tracking regional losses; STI down 0.6%

SINGAPORE shares closed lower on Friday (Sep 8), after markets in the region finished mostly in the red.

The Straits Times Index (STI) fell 0.6 per cent or 18.84 points to 3,207.75. Losers outnumbered gainers 184 to 177, with 778.2 million securities worth S$671.5 million changing hands.

The largest decliner of the day was Jardine Cycle & Carriage, which fell 1.9 per cent or S$0.63 to S$32.13. Other losers include UOB, Jardine Matheson and Nio. Jardine Matheson’s shares slipped 0.6 per cent or US$0.27 to US$47.65, while Nio tumbled 2.6 per cent or US$0.27 to US$10.15.

The trio of local banks all closed in the red. UOB ended S$0.32 or 1.1 per cent lower at S$28.28, OCBC fell S$0.17 or 1.4 per cent to S$12.43, while DBS slipped 0.5 per cent or S$0.18 to S$33.23.

Regionally, markets were mostly in the red. Major indices including those in Australia, South Korea, Shanghai and Malaysia all ended the day lower.

There was also weaker-than-expected economic growth in Japan, after the country released revised second-quarter gross domestic product figures.

SEE ALSO

Asia-Pacific’s infrastructure opportunity is not just a private affair

MAS directs banks to probe ties with money laundering suspects

Hong Kong’s exchange cancelled trading on Friday after a “black rainstorm” warning, as the Asian financial hub saw its heaviest rainfall in 140 years.

RHB analyst Shekhar Jaiswal said he believes the Singapore market is still defensive, with a high yield and low valuation at present.

However, if economic recovery sustains into Q4, the country could see a re-rating in the equity market closer to the end of the year, supported by the services sector’s resilience, a likely pause in interest rate hikes, and manufacturing and exports sector revival, he added.