Singapore stocks recover as lenders advance; Weak Asia weighs

Singapore stocks recouped most of their losses to end higher on Friday, as lenders recoevered but weak Asian cues kept investors on edge.

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The logo of the Singapore Exchange (SGX) is pictured at its office in Singapore. REUTERS

Singapore stocks recouped most of their losses to end higher on Friday, as lenders recoevered but weak Asian cues kept investors on edge.

In Asia, stocks fell while safe havens suc as the Japanese yen and Swiss franc gained amidst possibility of North Korea conducting another hydrogen bomb test.

North Korean Foreign Minister Ri Yong Ho said on Friday he believes the North could consider a nuclear test on an "unprecedented scale" in the Pacific Ocean, South Korea's Yonhap news agency reported.

MSCI's broadest index of Asia-Pacific shares outside Japan handed back earlier gains and was down 0.4 percent after falling 0.7 percent the previous day.

The Straits Times Index edged up 0.2 percent or 6 points to 3,220 after shedding as much as 0.4 percent to their lowest in a week earlier in the session. It ended 0.04 percent lower on Thursday, taking the year-to-date performance to about 12 percent.

Financials were among the top gainers, with DBS Group Holdings, the city-state's top lender, rising 0.4 percent, United Overseas Bank advancing 1 percent while Oversea-Chinese Banking Corp gaining 0.4 percent.

Among the laggards, food catering firm Neo Group said it entered into an exclusive negotiation agreement to buy shares in ER Marketing and Ever Rich. Its shares fell 0.7 percent.

Property developer SingHaiyi Group-led joint venture has won tender for the purchase of Sun Rosier condominium in Singapore at S$271 million. The stock closed unchanged at S$0.12.

About 1.4 billion shares worth S$956 million changed hands, with losers outnumbering gainers 225 to 168.

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