Singapore shares ended weaker Friday, tracking a regional slump as slowing global growth triggered sharp price declines in commodities and industrial materials.
The 30-share Straits Times Index edged down 0.1%, or 2.06 points, to 2,828.09 to extend Thursday's 0.9% slide. After the index plunged by as much as 1.1% in early trading, it recouped most of the losses late in the session as U.S. stock futures ticked higher. But analysts say market sentiment will remain cautious given uncertainty surrounding the global economy. The STI slipped nearly 2% week-on-week.
"We see little chance that a unified voice will be heard out of Europe anytime soon," OCBC said in a note. "Plenty of reasons to stay cautious for now, even if markets have been signaling lesser downside risks in recent sessions." "Defensive yield plays may dominate the local bourse for now, although the recent volatility may prompt [the] bulk of investors to remain on the sidelines before deciding to buy in again," the bank said. OCBC added, a clean break of psychological support at 2,800 would pave the way for further downside, with 2,770 likely the next support.
Volume was at 1.16 billion shares compared with 1.21 billion shares traded Thursday. Decliners shaded gainers 173 to 143.
Rig builders handed back more of their recent gains amid falling oil prices, with Sembcorp Marine--the biggest loser on the STI--ending 2.2% lower at S$4.54, and Keppel Corp. falling 1.1% to S$10.10.
Property developers also featured prominently in the index's decline. CapitaLand dropped 1.5% to S$2.64, while rival City Developments surrendered 0.5% to end at S$10.66.
Banks and commodity counters put up a mixed showing. DBS dropped 0.7% to S$13.66 and Oversea-Chinese Banking Corp. retreated 0.8% to S$8.71, while United Overseas Bank gained 0.8% to close at S$18.25.
The 30-share Straits Times Index edged down 0.1%, or 2.06 points, to 2,828.09 to extend Thursday's 0.9% slide. After the index plunged by as much as 1.1% in early trading, it recouped most of the losses late in the session as U.S. stock futures ticked higher. But analysts say market sentiment will remain cautious given uncertainty surrounding the global economy. The STI slipped nearly 2% week-on-week.
"We see little chance that a unified voice will be heard out of Europe anytime soon," OCBC said in a note. "Plenty of reasons to stay cautious for now, even if markets have been signaling lesser downside risks in recent sessions." "Defensive yield plays may dominate the local bourse for now, although the recent volatility may prompt [the] bulk of investors to remain on the sidelines before deciding to buy in again," the bank said. OCBC added, a clean break of psychological support at 2,800 would pave the way for further downside, with 2,770 likely the next support.
Volume was at 1.16 billion shares compared with 1.21 billion shares traded Thursday. Decliners shaded gainers 173 to 143.
Rig builders handed back more of their recent gains amid falling oil prices, with Sembcorp Marine--the biggest loser on the STI--ending 2.2% lower at S$4.54, and Keppel Corp. falling 1.1% to S$10.10.
Property developers also featured prominently in the index's decline. CapitaLand dropped 1.5% to S$2.64, while rival City Developments surrendered 0.5% to end at S$10.66.
Banks and commodity counters put up a mixed showing. DBS dropped 0.7% to S$13.66 and Oversea-Chinese Banking Corp. retreated 0.8% to S$8.71, while United Overseas Bank gained 0.8% to close at S$18.25.
Wilmar International slipped 0.6% to S$3.62, but peer Olam International rose 1.6% to S$1.885, while Noble Group ended flat at S$1.12.
Just to share.
Greece election excited shares market in early past week. The excitement being digested and now everybody eyes on slowing global growth. The market sentiment is moving too fast for investor to catch with, stand aside and watch is ideal for investor; such highly volatile condition suitable for speculator only. Investor, stay calm and watch.
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