[singapore] Stocks on the Singapore bourse ended their four-day winning streak to finish slightly lower on Friday (Mar 21), amid Asian indices closing mixed and fears of a trade war escalating.
The Straits Times Index (STI) ended 0.1 per cent or 4.04 points lower at 3,926.45. Across the broader market, decliners outnumbered advancers 284 to 234 after 1.3 billion securities worth S$2 billion changed hands.
In the region, key indices were mixed. Japan’s Nikkei 225 slid 0.2 per cent, Hong Kong’s Hang Seng Index declined 2.2 per cent while the Kospi gained 0.2 per cent.
On the STI, ST Engineering emerged as the biggest decliner sliding 4.2 per cent or S$0.29 to S$6.62, even after the stock hit successive highs and became more expensive than DBS and other leading blue chips.
Meanwhile, maritime vessel maker Yangzijiang Shipbuilding was the top gainer. It rose 5.6 per cent or S$0.13 to S$2.47.
The trio of local banks ended the day mixed. UOB was up 0.4 per cent or S$0.15 at S$37.95 and OCBC was down 0.2 per cent or S$0.04 to S$16.98 while DBS slid 0.2 per cent or S$0.09 to S$45.31.
Yeap Jun Rong, market strategist at IG, said in a note on Friday that while US Fed chair Jerome Powell sought to reassure markets about the economy during the recent Fed meeting, the central bank’s economic projections “painted a more concerning picture by highlighting rising stagflation risks”.
He also noted that the Fed’s projections factor in the implementation of tariffs, though the scale and timeline remain uncertain.
“While a recession is not inevitable, much depends on upcoming policy decisions from Trump,” he added.
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