Singapore stocks edge down on Friday; STI falls 0.1%

SINGAPORE equities closed in the red on Friday (Nov 1) as the market returned from a one-day Deepavali break.

The Singapore Exchange’s blue-chip barometer, the Straits Times Index (STI), lost 0.1 per cent or 3.45 points to end at 3,555.43.

Across the broader market, losers edged out winners 279 to 260, while 1.3 billion securities worth S$1.6 billion changed hands.

Key indices in the region were mixed. Japan’s Nikkei 225 fell 2.6 per cent, while South Korea’s Kospi Composite Index was down 0.5 per cent. Australia’s S&P/ASX200 declined 0.5 per cent.

Meanwhile, Hong Kong’s Hang Seng Index rose 0.9 per cent and the Bursa Malaysia Kuala Lumpur Composite Index gained 0.1 per cent.

China’s factory activity released on Friday showed a return to expansion, as the Caixin/S&P Global manufacturing purchasing managers’ index rose to 50.3, from 49.3 a month ago.

UOB economist Ho Woei Chen said that China’s economy “appears to have bottomed” in the near-term, following policy stimulus announced in late-September.

“We think the step-up in policy support will help to defuse risks, but China’s economy will continue to face structural challenges which reduce its growth potential into the medium or long term,” she added.

In Singapore, agri-business Olam Group had a strong showing, after the group confirmed that it was in talks to sell its remaining stake in Olam Agri to a state-owned Saudi investment firm. The counter jumped 14 per cent or S$0.15 to S$1.22.

On the STI, beer maker Thai Beverage was the biggest loser, retreating 5.7 per cent or S$0.03 to S$0.50.

Meanwhile, property group Hongkong Land continued its Wednesday rally as it gained 3.9 per cent or US$0.17 to US$4.48 to finish on top of the index.

Among the three local banks, DBS was the only gainer on Friday, rising 0.2 per cent or S$0.09 to S$38.75. OCBC fell 0.1 per cent or S$0.01 to S$15.18, while UOB declined 0.2 per cent or S$0.06 to S$32.10.