STI 0.72% lower for the day, 2.43% down for the week

AS CONCERNS mount over a second wave of the virus and a slow economic recovery in the United States, stock markets went the opposite direction - down. Asia's key bourses took the cue from their US counterparts, and declined in tandem for the second day in a row on Friday.

THE Straits Times Index (STI) was sharply lower after the opening bell, but then recovered some lost ground and closed 0.72 per cent down at 2,684.63 points. Over the trading week, the index lost 66.87 points or 2.43 per cent.

Of the 30 STI members, six managed to chalk up gains, two closed flat, and the others ended in the red.

One of the bright spots was non-STI constituent stock, Malaysia's Top Glove. The company, which is also listed in Singapore, was among the best performers, adding 14 Singapore cents to end at S$5.70 on cum-dividend trading. The company on Thursday reported a banner third-quarter, on a surge in demand for its gloves amid the global pandemic. It will pay out an interim dividend of 10 sen (S$0.03) on July 9.

The most heavily traded STI stock was that of gaming giant Genting Singapore, which closed flat at S$0.77 on a trading volume of 54.9 million.

Losers outnumbered gainers 294 to 170 for the day, with 1.74 billion shares worth S$2.17 billion traded.

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In Asia, Japan's Nikkei 225 closed 0.75 per cent down to 22,305.48 points; Hong Kong's Hang Seng index dipped 0.73 per cent to 24,301.38. Australia's S&P/ASX 200 index was 1.89 per cent lower at 5,847.8 points, while the FTSE Bursa Malaysia Kuala Lumpur Composite Index slid 0.72 per cent to 1,546.02 points. South Korea's Kospi fell 2.04 per cent to 2,132.3 points.