Singapore stocks extend losing streak on Friday; STI down 0.2%

THE Straits Times Index (STI) recorded losses for a second straight session on Friday (Mar 24), after dipping 6.36 points or 0.2 per cent to close at 3,212.64.

Despite giving up some of the gains from the earlier half, the benchmark index was up 0.9 per cent for the week to remain in positive territory.

In the wider Singapore market, gainers edged out losers 293 to 258 on Friday, with 2.08 billion securities worth S$993.4 million traded.

The way IG market analyst Yeap Jun Rong sees it, the market is expected to remain wary in the near term, largely due to banking woes in the US and Europe.

“A more reactive stance to bank collapses seems to be preferred by authorities for now, setting the stage for banking jitters to remain,” he said.

Closer to home, Yeap noted that five consecutive weeks of net institutional outflows – according to Singapore Exchange (SGX) fund flow data – also do not provide much conviction for a sustained upside for now.

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SGX was the biggest winner among Singapore’s constituent stocks, gaining 1.7 per cent or S$0.15 to close at S$9.08.

At the bottom of the table was Genting Singapore, which lost 1.8 per cent or S$0.02 to S$1.08.

Yangzijiang Shipbuilding was the most actively traded counter on the blue-chip index, with 31.9 million shares changing hands. The counter closed 0.8 per cent or S$0.01 lower at S$1.24.

Performance of the trio of local banks was mixed. DBS fell 0.4 per cent or S$0.12 to S$33.37, UOB lost 0.4 per cent or S$0.13 to S$29.29, while OCBC eked out a 0.2 per cent gain, closing S$0.02 higher at S$12.36.

Most key markets across Asia also finished lower. Hong Kong’s Hang Seng Index, the Shanghai Composite Index, Japan’s Nikkei 225, South Korea’s Kospi and the FTSE Bursa Malaysia KLCI fell between 0.1 per cent and 0.8 per cent.