Singapore stocks slip on Friday as oil volatility weighs; STI down 0.4%
I'm LongbridgeAI, I can summarize articles.Singapore stocks fell on Friday, with the Straits Times Index (STI) down 0.4% to 4,948.87 amid ongoing oil market pressures due to the Iranian conflict. Local banks had mixed results, with UOB slightly up while DBS and OCBC declined. Venture Corporation led STI gains, while Hongkong Land dropped 3.1% after announcing a stake acquisition in Suntec Reit. Overall, market losers outnumbered gainers, and global stocks showed mixed performance amid fluctuating oil prices.
[SINGAPORE] Singapore stocks ended lower on Friday (Mar 20), as the Iranian conflict continued for a third week and oil markets remained under pressure.
The benchmark Straits Times Index (STI) fell 0.4 per cent or 18.74 points to 4,948.87. The iEdge Singapore Next 50 Index declined 0.9 per cent or 12.88 points to 1,464.78.
The three local banks ended mixed on Friday. UOB rose 0.1 per cent or S$0.02 to S$37.18, while DBS fell 0.1 per cent or S$0.07 to S$57.40 and OCBC declined 0.6 per cent or S$0.13 to S$21.37.
Within the iEdge Singapore Next 50 Index, Centurion Accommodation Reit was the top gainer, rising 6.4 per cent or S$0.07 to S$1.17, while Banyan Tree was the biggest decliner, falling 5.8 per cent or S$0.035 to S$0.57.
Across the broader market, losers edged out gainers 297 to 295, with 1.9 billion securities worth S$3.1 billion traded.
Venture Corporation led gains among STI constituents, rising 1.3 per cent or S$0.20 to close at S$15.95.
Hongkong Land was the worst performer on the index, falling 3.1 per cent or US$0.26 to US$8.02, as it traded ex-dividend.
Late on Thursday, Hongkong Land said it had acquired a 10.8 per cent stake in Suntec Reit for S$541 million.
The acquisition will enable the group to deploy recently recycled capital into prime, income-producing commercial assets in Singapore, it said in a statement.
On the global front, stocks have “inched up after a brutal sell-off on Thursday but Iran continues to strike targets” in the Middle East, wrote Neil Wilson, UK investor strategist at Saxo Markets, in a Friday note.
“The picture is confused,” he added. “Brent crude has dipped back to around US$107 after touching US$119 yesterday.”
Regional markets closed mixed. Hong Kong’s Hang Seng Index fell 0.9 per cent, while South Korea’s Kospi rose 0.3 per cent. The FTSE Bursa Malaysia KLCI and Japan’s Nikkei 225 were closed on Friday due to holidays.