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Singapore stocks: STI resumes Friday afternoon at 3.155.60, down 0.2% on day
THE Singapore market continued to trend lower, with sentiment weighed down by the US-China trade spat and dipping global growth, sending investors to safe-haven assets.
The Straits Times Index (STI) was trading at 3.155.60, down 5.12 points or 0.2 per cent, as at 1.04pm on Friday.
"It’s taken quite a while, but finally, markets appear to be starting to price in the effect of an extended US-China trade war on global growth," said Oanda senior market analyst Jeffrey Halley.
"Asian markets soured further on Friday, following US stocks lower on mounting fears that prolonged US-China trade tensions could have a more drastic impact on the global economy," FXTM market analyst Han Tan observed.
Shortly after the afternoon session commenced, volume on the Singapore bourse clocked in at 907 million securities traded and a total turnover of S$432.80 million.
Across the market, decliners beat advancers 162 to 129. Meanwhile, the benchmark index had 15 of the STI's 30 components trading in the red.
Among them, Yangzijiang Shipbuilding was the benchmark index's most traded stock, with 26.9 million shares changing hands. The shipbuilder was trading one Singapore cent or 0.7 per cent lower at S$1.37.
The local banking trio were also lower. DBS Group Holdings was two Singapore cents or 0.1 per cent lower at S$25.17, OCBC Bank eased one Singapore cent or 0.1 per cent to S$10.99 and United Overseas Bank pared Thursday's gains to trade at S$24.49, down nine Singapore cents or 0.4 per cent.
Casino operator Genting Singapore shares were down one Singapore cent or 1.1 per cent to 86.5 cents.
Investors in the local market moved to shoring up more defensive offerings, which saw most real estate investment trusts (Reits) trade higher on the day. Ascendas Reit was up three Singapore cents or one per cent to S$2.96 and CapitaLand Commercial Trust added two Singapore cents or one per cent to trade at S$1.94.
Amid recent market volatility, Eagle Hospitality Trust (EHT) said late Thursday that its initial public offering (IPO) saw less than half of its stapled securities subscribed under the public offer, resulting in the joint bookrunners and underwriters having to take up the bulk of the allotment of unsubscribed stapled securities. A portion of the unsubscribed stapled securities was also re-allocated to the international placement.
The stapled group is expected to start trading on the Singapore Exchange on a “ready” basis at 2pm.
Regional markets continued to trade mixed. Australia was down 0.8 per cent, Japan dipped 0.4 per cent while South Korea fell 0.8 per cent. Meanwhile, Hong Kong was up 0.2 per cent and China was flat, as investors in those markets took to buying on recent dips.