SINGAPORE – Stocks in Singapore closed lower on April 17, mirroring a broader regional reversal as investors await updates on an extension to the US-Iran ceasefire that ends on April 21.
The benchmark Straits Times Index (STI) lost 0.2 per cent or 9.9 points to finish at 4,997.93.
Across the broader market, losers beat gainers 316 to 257, after 1.8 billion securities worth $2.1 billion changed hands.
The three local banks ended mixed. OCBC rose 0.3 per cent or $0.06 to $22.72, while DBS finished 0.1 per cent or $0.05 lower at $57.25 and UOB fell 0.3 per cent or $0.12 to $37.40.
Yangzijiang Shipbuilding led the gainers on Singapore’s blue-chip index, rising 1 per cent or $0.04 to $4.09. The worst performer among STI constituents was Seatrium, which retreated 1.6 per cent or $0.04 to $2.42.
Key regional indexes were mixed. Hong Kong’s Hang Seng Index lost 0.9 per cent, Japan’s Nikkei 225 index fell 1.8 per cent and South Korea’s Kospi was down 0.6 per cent. Meanwhile, the FTSE Bursa Malaysia KLCI gained 0.3 per cent.
“There is a growing sense that traders may begin lightening risk into the weekend as the ceasefire clock ticks towards Tuesday (April 21),” said Mr Stephen Innes, managing partner at SPI Asset Management.
He added that headlines suggesting that negotiations could last for months are “already tempering” market enthusiasm. “Even the most momentum-driven rallies can suffer from exhaustion.”
Meanwhile, Mr Nigel Green, chief executive officer of deVere Group, said: “If a deal materialises this weekend, the rotation across sectors will be swift and decisive.”
Noting the rally seen in Asian markets during the week, Mr Green added: “Markets are already moving ahead of the outcome. Investors are positioning for a scenario in which tensions ease, energy flows stabilise, and global growth expectations improve.”
