Singapore stocks decline as STI reports weekly loss

SINGAPORE – Local shares went south on Nov 24 to end the week in the red while bourses across the region had a mixed day in the absence of any leads from Wall Street, which was closed for the Thanksgiving holiday.

The benchmark Straits Times Index (STI) fell 0.5 per cent or 16.94 points to 3,094.81 and ended down 1 per cent since Nov 17’s close.

Trading activity was again thin across the broader market, with losers outnumbering gainers 331 to 248 after 659.1 million securities worth $517.3 million were traded.

Only four index counters ended higher, with real estate investment trusts (Reits) among the outperformers.

Frasers Logistics & Commercial Trust led the gainers, rising 0.9 per cent to close at $1.11. The other gainers were Mapletree Industrial Trust and CapitaLand Ascendas Reit, which each rose 0.4 per cent, and Venture Corp, up 0.1 per cent.

Meanwhile, DFI Retail Group ended at the bottom of the index performance table, falling 2.6 per cent to close at US$2.23. Other decliners included Mapletree PanAsia Commercial Trust, which slipped 2.1 per cent, and UOL, down 1.8 per cent.

Elsewhere in the region, stocks in Australia’s ASX 200 added 0.2 per cent on the back of gains in utilities and energy stocks, while the Nikkei 225 in Tokyo rose 0.5 per cent.

But key indexes in South Korea, Hong Kong and Shanghai closed in the red, with declines ranging between 0.7 and 2 per cent.

IG market analyst Yeap Jun Rong said investors would be keeping an eye on the US purchasing managers index data later on Nov 24.

“Softer data may aid to validate current market views for the Federal Reserve to keep rates on hold further, while markets continue to bask in the hope that a recession can still be avoided,” he added.

“Undoubtedly, markets will be watching… whether the prevailing risk-on environment can roll over into next week.” THE BUSINESS TIMES

Correction note: The story was amended to reflect the correct figures for the STI movement.