Singapore stocks end week lower amid regional decline
Singapore stocks ended the week lower on Friday (Jun 23), tracking a decline in regional markets.
$FTSE Singapore Straits Time Index(.STI.SG$ fell 1 per cent or 30.83 points to 3,191.6. Losers outnumbered gainers 341 to 209, after 1.8 billion shares worth S$1.2 billion changed hands.
IG market analyst Yeap Jun Rong noted that US Federal Reserve chair Jerome Powell had reiterated his hawkish tone overnight but “Wall Street seems to be taking it in stride this time”, with $S&P 500 Index(.SPX.US$ and $Nasdaq Composite Index(.IXIC.US$ overturning their three-day losing streak.
Meanwhile in Singapore, the release of May’s consumer price index was in focus for the day. Headline inflation shrank to 5.1 per cent year on year in May from April’s 5.7 per cent.
Yeap said: “With the Monetary Authority of Singapore leaning towards a pause in its tightening stance since April this year, more evidence of moderating inflation will be needed to provide the conviction that a reinstatement in tighter policies is not needed.”
At the close, most counters in the benchmark index were in the red.
$YZJ Shipbldg SGD(BS6.SG$ was also one of the top decliners, falling 3 per cent or S$0.04 to S$1.28.
For the week, $FTSE Singapore Straits Time Index(.STI.SG$ lost 2.1 per cent. The top decliner was $Venture(V03.SG$, which lost 7 per cent over the five-day period to end at S$14.96.
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