Singapore stocks rebound on Friday, STI up 0.2%

[SINGAPORE] Singapore stocks ended higher on Friday (Mar 27) as regional indices were mixed.

The benchmark Straits Times Index (STI) gained 0.2 per cent or 10.42 points to finish at 4,898.18. Meanwhile, the iEdge Singapore Next 50 Index lost 0.7 per cent or 10.72 points to 1,448.97.

Within the iEdge Singapore Next 50 Index, UOB Kay Hian was the top gainer, rising 5.7 per cent or S$0.19 to finish at S$3.53, while Yanlord Land was the top loser, falling 2.4 per cent or S$0.015 to end the session at S$0.605.

Across the broader market, gainers edged out losers 334 to 238, after 1.4 billion securities worth S$1.9 billion changed hands.

Key regional indices were mixed. Hong Kong’s Hang Seng Index gained 0.4 per cent, Japan’s Nikkei 225 index fell 0.4 per cent, South Korea’s Kospi was down 0.4 per cent and the FTSE Bursa Malaysia KLCI advanced 0.1 per cent.

Seatrium led the gainers on Singapore’s blue-chip index, rising 2.6 per cent or S$0.06 to end at S$2.35.

The worst performer among STI constituents was Keppel, falling 3 per cent or S$0.37 to close at S$11.9.

The three local banks ended higher. DBS gained 0.1 per cent or S$0.03 to S$57.15, OCBC rose 0.2 per cent or S$0.05 to S$21.57, and UOB was up 0.5 per cent or S$0.17 at S$36.85.

The market is navigating another bout of turbulence over Teheran’s rejection of Washington’s peace offer, as investors fear a further escalation of the conflict, said Jose Torres, senior economist at Interactive Brokers.

With US President Donald Trump threatening more military action, including troops on the ground if Iranian officials do not agree on a deal soon, those fears are justified.

“The lack of agreement is injecting more geopolitical premium into asset classes by lifting crude oil prices and interest rates, thereby weighing on the global growth outlook and, in turn, on stocks,” said Torres.

Article Resource: The Business Times