Singapore stocks falter on Friday; STI down 1.6%

[SINGAPORE] Singapore shares ended lower on Friday (Feb 13), tracking losses on regional indices.

The benchmark Straits Times Index (STI) fell 1.6 per cent or 78.98 points to 4,937.78. Meanwhile, the iEdge Singapore Next 50 Index nudged down 0.4 per cent or 6.06 points to 1,513.52.

Across the broader market, losers outnumbered gainers 413 to 220, after 1.6 billion securities worth S$2.6 billion changed hands.

CapitaLand Investment led the gainers on Singapore’s blue-chip index, with a rise of 1 per cent or S$0.03 to S$3.12.

The worst performer among the STI constituents was Hongkong Land , which declined 3.4 per cent or US$0.30 to US$8.52.

The three local banks all ended lower. DBS lost 1.2 per cent or S$0.72 to finish at S$57.06, OCBC fell 3.1 per cent or S$0.67 to S$21.11, and UOB was down 2.6 per cent or S$1.01 at S$38.47.

On the iEdge Singapore Next 50 Index, the best performer was Boustead . It closed 1.3 per cent or S$0.03 higher at S$2.26.

The index’s biggest loser was iFast , which declined 4 per cent or S$0.39 to S$9.39.

Across the region, benchmark indices finished the day lower. The Nikkei 225 was down 1.2 per cent, the Kopsi inched down 0.3 per cent, the Hang Seng lost 1.8 per cent, and the KLCI slipped 0.7 per cent.

Jose Torres, a senior economist at Interactive Brokers, noted that US stocks have experienced reversals after short rallies at the start of trading, as dwindling artificial intelligence hopes coincided with lacklustre economic data.

The sell-off on Wednesday was sparked by nine out of the 14 major employment sectors in the US reducing headcounts over the last 12 months, and that on Thursday was due to intraday news that existing home sales plunged in January.

“Higher-than-expected unemployment claims didn’t help, either, as equities head towards their third consecutive close in the red,” Torres added.