Global equities downturn sends Singapore stocks plummeting on Friday—STI down 0.9%

SINGAPORE: The global equities downturn sent Singapore stocks plummeting on Friday, with the Straits Times Index (STI) taking a 0.9% hit, sliding 29.66 points to 3,156.74, The Business Times reports.

It wasn’t a great start to the day with more losers (82) than gainers (34) as 97 million securities valued at S$98.8 million changed hands.

Seatrium led the charge in trading volume, but not in the direction investors hoped. Despite a hefty 45.2 million securities changing hands, the company saw a 1.1% decline to S$0.091. Singtel and Genting Singapore weren’t spared either, both shedding value in brisk trading. Singtel dropped 2% to S$2.43, while Genting Singapore fell 0.6% to S$0.895.

Banking stocks felt the squeeze early on, with DBS slipping 0.7% to S$34.37, OCBC declining 1.1% to S$13.20, and UOB trading 1% lower at S$28.66.

The woes weren’t exclusive to Singapore. Wall Street also took a hit, as higher than expected wholesale prices fuelled concerns over inflation, pushing Treasury yields up.

The Dow Jones Industrial Average closed 0.4% lower at 38,905.66, while the S&P 500 dropped 0.3% to 5,150.48. The tech-heavy Nasdaq Composite Index mirrored the trend, retreating 0.3% to 16,128.53.

The European shares mirrored the gloomy sentiment, following cues from the US. Signs of persistent US inflation coupled with uncertainty over interest rate adjustments weighed down on investor confidence. The pan-Stoxx 600 ended the day 0.2% lower at 506.40, with weakness in mining adding to the market’s woes. /TISG

Read also: Singapore shares climbed on Thursday; STI edged up by 0.3%

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