Singapore stocks end week on a high, STI up 0.1%
Uma Devi
LOCAL shares ended the week on a slightly more upbeat note alongside other markets in the region, as worries over the banking crisis and inflation levels eased.
On the local bourse, the benchmark Straits Times Index (STI) ended on Friday (Mar 31) with a meagre gain of 0.1 per cent or 1.72 points to close at 3,258.90. Advancers trumped decliners 346 to 213, after two billion securities worth a total of S$1.4 billion changed hands.
It was a similar story around the region. The Nikkei 225 was up 0.9 per cent; the Hang Seng Index gained 0.5 per cent, and the Kospi added 1 per cent. The ASX 200 rose 0.8 per cent, while the Bursa closed 0.1 per cent lower.
Bank of Singapore’s chief economist Mansoor Mohi-uddin said on Friday that as March draws to a close, the S&P 500 index in the US is rallying. Credit spreads are also tightening, and the US dollar is falling on hopes that the Federal Reserve will pivot away from rate hikes to cuts in the second half of 2023.
Mohi-uddin expects the US to suffer a recession this year. “We also think Fed rate hikes and quantitative tightening (QT) may result in further flare-ups for smaller US banks struggling to attract deposits,” he said.
Jardine Cycle and Carriage was the biggest gainer for the day, rising 2 per cent or S$0.62 to S$31.28. Tech play Venture Corporation was another top advancer, gaining 1.2 per cent or S$0.20 to S$17.67. Both stocks were trading on a cum-dividend basis.
The trio of lenders were among the top losers on Friday. DBS fared the worst – shedding 1.5 per cent or S$0.50 to S$33.00. UOB lost 0.3 per cent or S$0.08 to S$29.76, while OCBC was down 0.2 per cent or S$0.02 to S$12.37.
Sembcorp Marine was the most actively traded stock on Friday, rising 3.5 per cent or S$0.004 to S$0.119 after about 784.8 million shares changed hands.
Other heavily traded counters included Rex International , Genting Singapore and Singtel .
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