Singapore Exchange Market falls 0.18%

The Singapore stock market finished session lower on Friday, 24 May 2024, as risk sentiments turned bearish on following the broadly sell-off on Wall Street overnight and other regional peers declines, after the recent release of stronger-than-expected US economic data and the slightly hawkish Fed minutes deterring hopes of cutting US interest rates in the near future.

City market commenced trading with weak note after robust US economic data along with hawkish minutes from the Fed's last meeting earlier in the week has led traders to dial back their bets on rate cuts this year, with markets now pricing in just 35 basis points of easing in 2024, versus expectations of 150 bps of cuts at the start of the year.

At closing bell, the Straits Times Index (STI) index was down 6.06 points, or 0.18% to 3,316.56 after trading between 3,297.98 and 3,320.14. Across the broader market, decliners outpaced advancers 335 to 271, with 1.25 billion securities worth S$1.04 billion changed hands.

Yangzijiang Shipbuilding was the top constituent gainer for the day, rising 2.7% to S$1.90. Seatrium was the top decliner on the STI for the day, down 2.53% to S$1.54.

Banking stocks ended the day mixed. Oversea-Chinese Banking Corp decreased by 0.28% at S$14.45 while DBS Group Holdings added 0.06% to S$35.87. United Overseas Bank was steady at S$30.55.

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