Singapore stocks end the week lower amid rising global uncertainty

SINGAPORE stocks ended the week lower on Friday (May 12), amid rising uncertainty in global markets and renewed fears of a global economic slowdown.

Stephen Innes, managing partner at SPI Asset Management, noted that investors are growing concerned about weak China data, the US debt ceiling impasse, and the ongoing US regional banks crisis, while failing to fully embrace softer US inflation data.

He said: “Asia equities have put in a characterless performance balancing China’s deflationary funk against hope of a geopolitical detente.”

The Straits Times Index (STI) lost 0.7 per cent or 21 points to end at 3,208.55 on Friday. Losers outnumbered gainers 289 to 232, after 1.7 billion securities worth S$1.2 billion changed hands. Over the week, the STI fell 1.8 per cent.

Elsewhere in the region, key indices were mixed. The Hang Seng Index lost 0.6 per cent, the Kospi Composite Index fell 0.6 per cent, and the FTSE Bursa Malaysia KLCI Index slid 0.2 per cent.

Meanwhile, the Nikkei 225 was up 0.9 per cent.

Wilmar International was the top performing counter on the STI over the week as it gained 2.8 per cent to close at S$3.99.

Meanwhile, the top decliner on the STI for the week was Venture Corporation, falling 10.2 per cent over the five days to close at S$15.32.

The tech company reported last Friday that its net profit for its first fiscal quarter was down 12.4 per cent on year, amid softening demand for technology products.

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On Thursday, it also announced it would install dual chief executive officers as part of the company’s restructuring plans.

The trio of local banks ended the week lower. Over the five-day period, DBS lost 3.9 per cent to S$30.66, OCBC fell 3.2 per cent to S$12.25, while UOB declined 0.8 per cent to S$27.77.