Singapore stocks subdued as financials underperform

Singapore stocks ended little changed on Friday after two session of falls, as geopolitical tensions over North Korea's nuclear and missile programme continued to cast a shadow.

SGX
SGX Logo. Reuters

Singapore stocks ended little changed on Friday after two session of falls, as geopolitical tensions over North Korea's nuclear and missile programme continued to cast a shadow.

Asian shares gained, supported by solid Chinese trade data.

MSCI's broadest index of Asia-Pacific shares outside Japan added 0.5 percent, and was set for a 0.2 percent gain for the week.

China's August exports rose 5.5 percent from a year earlier, slightly missing analysts' forecast of a 6.0 percent increase, while imports grew a robust 13.3 percent, beating expectations of 10 percent growth, Reuters reported.

U.S. dollar was under pressure after European Central Bank chief Mario Draghi's remarks that policymakers would decide on tapering this autumn.

The Straits Times Index edged up 0.02 percent or 0.5 point to 3,228. It ended 0.14 percent lower on Thursday, taking the year-to-date performance to about 12 percent.

Among the lenders, Oversea-Chinese Banking Corp fell 0.6 percent, DBS Group Holdings declined 0.1 percent while United Overseas Bank dropped 0.3 percent.

Shares in independent oil explorer Loyz Energy fell as much as 6 percent after the company said it had entered into a memorandum of understanding with investment firm Arctos Investments Pte. to form a joint venture company.

Pacific Radiance shares plunged 8.2 percent after it said that together with its advisers, it has commenced discussion with its bank lenders to review the group's financial position and capital structure.

Among the gainers, Sushi chain owner Sakae Holdings jumped 8 percent after High Court has ordered its associate company, Gryphon Capital Management to be wound up by consent.

About 1.6 billion shares worth S$1 billion changed hands, with gainers outnumbering losers 221 to 198.

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