Singapore stocks slip 0.5% on Thursday as Asian markets tumble
AFTER snapping a five-day losing streak on Wednesday, Singapore stocks fell once again on Thursday (Mar 16), tracking a broader regional decline as banking sector concerns continue to weigh on markets.
The benchmark Straits Times Index (STI) fell 0.5 per cent or 17.38 points to close at 3,155.54. Elsewhere, key indices in Japan, Australia, Hong Kong and Shanghai were down between 0.8 per cent and 1.7 per cent.
“There is no question the US-centric banking crisis has since dramatically shifted globally,” said Stephen Innes, managing partner of SPI Asset Management.
“Beyond contagion risks in the banking system, the focus is now squarely on spillovers in the form of economic growth risks, which could wreak havoc on the global economy as banks tighten lending controls.”
On the Singapore market, the trio of local banks – DBS, OCBC and UOB – closed the day in negative territory, falling between 0.7 per cent and 1.3 per cent.
The bottom three STI performers for the day were all Jardine entities. Hongkong Land fell 5.2 per cent, DFI Retail Group slipped 3.3 per cent, while Jardine Matheson Holdings ended the day 2.1 per cent lower.
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Meanwhile, real estate investment trusts (Reits) on the index mostly closed higher, with Mapletree Industrial Trust (MINT) and CapitaLand Integrated Commercial Trust (CICT) the top two STI performers for the day.
MINT units rose 2.6 per cent to close at S$2.37 while CICT units closed at S$1.92, up 2.1 per cent.
Across the broader market, losers outnumbered gainers 298 to 210 after 1.9 billion securities worth S$1.3 billion were traded.
Sembcorp Marine continued to be the most actively traded counter by volume. The shares rose 4.8 per cent to close at S$0.11 after 576.9 million shares worth S$62.3 million changed hands.
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