Singapore Shares Retreat Further as Banking Stocks Register Losses; OCBC, UOB and DBS Drop 2%
Singapore's stock market remained in the red on Friday, as banks incurred losses during the day while the US held a day of mourning for the passing of the country's 39th president, Jimmy Carter.
The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 3,785.680 and 3,843.35 throughout the day. It ended the session at 3,801.560, down 61.04 points or 1.58% compared to Thursday's close.
In terms of star stocks, Top Glove fell 6%; Yangzijiang Shipbuilding and Sembcorp Industries fell 4%; Keppel and SGX fell 3%; OCBC, UOB and DBS fell 2%; Genting Singapore fell 1%; SingPost rose 0.9%.
In company news, shares of BH Global (SGX:BQN) plunged over 39% after it commenced the dissolution process of its indirect subsidiary in Florida, US, Omnisense Systems USA.
Singapore Land (SGX:U06) was down over 1% after it completed the acquisition of a 50% stake in 388 George Street in Sydney, Australia, for AU$460 million alongside UOL Group (SGX:U14).
Meanwhile, S&P Global Ratings assigned an investment grade BBB- long-term issuer credit rating with a stable outlook to Stoneweg European Real Estate Investment Trust (SGX:CWBU), formerly Cromwell European Real Estate Investment Trust.
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