Singapore shares end the week in the red; STI down 0.14%

SINGAPORE shares reversed their gains on Friday to end the week in the red, with the benchmark Straits Times Index (STI) falling 0.14 per cent or 4.53 points to end at 3,157.97.

Among the STI constituents, the Singapore Exchange emerged at the top of the index, climbing 1.15 per cent or S$0.12 to end at S$10.55. Meanwhile, Mapletree Logistics Trust ended as the day's biggest decliner, sliding 0.99 per cent or S$0.02 to S$2.01.

In a note on Friday, DBS Group Research said that in anticipation of the loosened Covid-19 restrictions, it is "positive for domestic reopening stocks" such as Frasers Centrepoint Trust (FCT), Mapletree Commercial Trust (MCT) and ComfortDelGro (CDG).

But the DBS analysts noted that they "do not anticipate a big price reaction as these domestic reopening stocks have recovered close to April 30 price levels when (the Ministry of Health) first started to tighten measures".

FCT ended up 1.24 per cent at S$2.45, while MCT and CDG both ended flat at S$2.15 and S$1.70 respectively.

The DBS note added that aviation or travel-related counters such as Sats should lag domestic reopening stocks, as the "reopening of international borders and travel bubbles will only materialise after the local Covid situation stabilises and Singapore achieves a high vaccination rate".

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On the broader market, advancers outnumbered decliners 257 to 220 for the day, with 2.04 billion securities worth S$1.18 billion changing hands.

Across the region, Asian markets ended mixed on Friday.

The benchmark Kospi inched up 0.77 per cent or 24.68 points to end at 3,249.32, while the Hang Seng Index climbed 0.36 per cent or 103.25 points to 28,842.13.

Meanwhile, the Nikkei 225 Index ended the week slightly lower at 28,948.73, down 9.83 points or 0.034 per cent.

Jeffrey Halley, senior market analyst for Asia-Pacific at Oanda, said on Friday: "Regional investors appear content to continue reducing exposure ahead of the weekend, and there could be some concerns that the G-7 meeting in progress at the moment could spring some surprises."