STI ends trading week at 2,618.48 after dull, directionless session

SINGAPORE stocks drifted through most of Friday, in the absence of significant market-moving developments.

The benchmark Straits Times Index ended the day mostly unchanged at 2,618.48, down 5.19 points or 0.2 per cent.

The 30 components of the index were uncannily well-dispersed, with 12 of them ending Friday higher, 12 of them lower and 6 of them unchanged.

The three best performers were Mapletree Logistics Trust, SATS and Hongkong Land, which closed 2.51 per cent, 1.75 per cent and 1.01 per cent higher for the day respectively.

The three worst performers were Jardine Strategic, Jardine Cycle & Carriage and ComfortDelGro, which ended the session 2.76 per cent, 2.69 per cent and 1.38 per cent lower respectively.

Across the wider market, gainers outnumbered losers 241 to 189.

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One counter that saw relatively high volume was oil exploration and production company Rex International. Its shares ended the day at S$0.184, up 4.55 per cent.

This came after the company said the authorities in Oman gave the necessary approvals for its 86.37 per cent-owned subsidiary Masirah Oil to develop the Yumna Field, while continuing to explore the rest of Block 50 Oman.

Rex also said that the authorities in Norway have improved tax incentives on capital expenditure, which could benefit its 2019 Shrek discovery, where production is due to start by the end of 2024.

Elsewhere, the leading beneficiaries of the Covid-19 pandemic rebounded on Friday, after suffering steep sell-offs in recent days.

Among rubber glove makers, Top Glove jumped 15.87 per cent to close at S$7.52, while UG Healthcare bounced 24.24 per cent to S$1.64.

Personal protective equipment suppler Medtecs International closed at S$0.625, up 20.19 per cent.