Singapore stocks slip as STI posts weekly loss

SINGAPORE stocks closed lower on Friday (Nov 24) amid mixed trading in the region.

The benchmark Straits Times Index (STI) fell 0.5 per cent or 16.94 points to close at 3,094.81. For the week, the market barometer was down 1 per cent since last Friday’s close. (*see amendment note)

Just four index counters ended higher on Friday, with real estate investment trusts (Reits) among the outperformers.

Frasers Logistics & Commercial Trust led the index gainers, with its units rising 0.9 per cent to close at S$1.11. The other gainers for the day were Mapletree Industrial Trust and CapitaLand Ascendas Reit, which each rose 0.4 per cent, and Venture Corp, which climbed 0.1 per cent.

Meanwhile, DFI Retail Group ended at the bottom of the index performance table, falling 2.6 per cent to close at US$2.23. Other decliners include Mapletree PanAsia Commercial Trust, which fell 2.1 per cent and UOL, which slipped 1.8 per cent.

Trading activity was thin across the broader market with losers outnumbering gainers 331 to 248 after just 659.1 million securities worth S$517.3 million were traded.

Elsewhere in the region, stocks in Australia and Japan ended higher, with the ASX 200 and Nikkei 225 rising 0.2 and 0.5 per cent respectively. But other key indices in South Korea, Hong Kong and Shanghai closed in the red, with declines ranging between 0.7 and 2 per cent.

IG market analyst Yeap Jun Rong noted that investors would be keeping an eye on the US purchasing managers index (PMI) data later on Friday.

“Softer data may aid to validate current market views for the Federal Reserve to keep rates on hold further, while markets continue to bask in the hopes that a recession can still be avoided,” he said. “Undoubtedly, markets will be watching... whether the prevailing risk-on environment can roll over into next week.”

SEE ALSO

Asia: Markets struggle, China property help in focus

*Amendment note: The story was amended to reflect the correct figures for the STI movement.