[SINGAPORE] Shares on the local bourse retreated on Friday (Mar 28), despite the benchmark Straits Times Index (STI) hitting an all-time high in early trade.
The index crossed the 4,000-mark earlier in the day to hit 4,005.18 points shortly after market open. It eventually closed at 3,972.43, down 0.2 per cent or 9.14 points.
Across the broader market, decliners beat advancers 251 to 230, as 1.3 billion shares worth S$1.3 billion changed hands.
Key regional indices finished in the red. Japan’s Nikkei 225 fell 1.8 per cent, South Korea’s Kospi decreased 1.9 per cent, while Hong Kong’s Hang Seng Index declined 0.7 per cent. The Bursa Malaysia Kuala Lumpur Composite Index retreated 1.4 per cent.
Across the Pacific, the United States economy expanded at a faster pace in the fourth quarter of 2024 than previously estimated, as its gross domestic product came in at 2.4 per cent, compared to the expected 2.3 per cent.
In a note, Maybank analysts said: “(The US) GDP print did not suggest that US exceptionalism was fading, although the impact on tariffs on future growth prospects should be of greater importance.”
Back home, losses in the STI were led by consumer group DFI Retail Group, which declined 2 per cent or US$0.05 to US$2.39.
The biggest gainer was Singapore Exchange, which added 0.9 per cent or S$0.12 to close at S$13.37.
The three local banks ended lower. UOB was down 0.4 per cent or S$0.17 at S$38.09, DBS slid 0.2 per cent or S$0.11 to S$46.47 and OCBC declined 0.5 per cent or S$0.08 to S$17.30.
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