Singapore stocks falter amid regional declines; STI down 0.3%

[SINGAPORE] Singapore stocks ended lower on Thursday (Mar 26), mirroring regional indices.

The benchmark Straits Times Index (STI) lost 0.3 per cent or 16.78 points to finish at 4,887.76. Meanwhile, the iEdge Singapore Next 50 Index gained 1.3 per cent or 19.3 points to 1,459.69.

Wilmar International led the gainers on Singapore’s blue-chip index, rising 1.1 per cent or S$0.04 to end at S$3.71.

The worst performer among STI constituents was Hongkong Land , which fell 2.8 per cent or US$0.23 to US$7.86.

The three local banks ended mixed on Thursday. OCBC rose 0.6 per cent or S$0.13 to S$21.52, and UOB was up 0.2 per cent or S$0.09 at S$36.68. DBS , meanwhile, fell 0.1 per cent or S$0.06 to S$57.12.

Over on the iEdge Singapore Next 50 Index, First Resources was the top gainer, rising 4.2 per cent or S$0.11 to S$2.73. Ultragreen.ai was the index’s biggest decliner, falling 6.9 per cent or US$0.11 to end the session at US$1.49.

Across the broader market, gainers trailed losers 230 to 349, after 1.4 billion securities worth S$1.7 billion changed hands.

Key regional indices were in negative territory. Hong Kong’s Hang Seng Index lost 1.9 per cent, Japan’s Nikkei 225 fell 0.3 per cent, South Korea’s Kospi was down 3.2 per cent, and the FTSE Bursa Malaysia KLCI declined 0.3 per cent.

Stock markets are recovering amid confidence that a ceasefire with Iran might be around the corner, said Jose Torres, senior economist at Interactive Brokers.

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However, oil prices rose as Iran continued to deny that productive conversations had taken place and rejected the US’ 15-point offer to end the conflict.

“It’s increasingly a single-variable market, as crude oil costs are the key factor driving buying and selling decisions on Wall Street,” said Torres.