Singapore stocks stumble on inflation woes; STI falls 1%
Friday, September 23, 2022       18:37 WIB

THE Straits Times Index (STI) tumbled 1.1 per cent or 35.97 points to close at 3,227.10 on Friday (Sep 23), as Singapore's higher-than-expected headline inflation figures for August caught market watchers by surprise.
This brought the benchmark index down a total of 1.3 per cent for the week.
In the broader Singapore market, losers outnumbered gainers 340 to 179 on Friday, with 1.33 billion securities worth S$1.41 billion traded.
Apart from "broad-based price pressures" that lifted Singapore's headline inflation, OCBC chief economist Selena Ling noted that core inflation had also accelerated, reflecting a stronger pickup in prices of services and food.
"It underpins our belief that core inflation may not have peaked yet for the Singapore economy as domestic drivers for inflation are becoming more prominent," Ling said.
Yangzijiang Shipbuilding was the biggest gainer on the STI, closing 12.7 per cent or S$0.14 higher at S$1.24, triggering a query from Singapore Exchange Regulation.
The counter was also the most actively traded in the Singapore market, with 153.7 million shares changing hands.
Emperador was the only other gainer among the constituent stocks. The liquor company rose 1 per cent or S$0.005 to end at S$0.495.
At the bottom of the table was Jardine Matheson Holdings, which fell 2.7 per cent or US$1.55 to US$55.45.
The trio of local banks all finished lower. DBS slipped 0.4 per cent or S$0.12 to S$33.40, OCBC fell 1.9 per cent or S$0.23 to S$12.08, while UOB lost 1.4 per cent or S$0.39 to S$27.14.
Most key Asian markets ended lower on Friday, as several central banks ramped up interest rates amid decades-high inflation.
South Korea's Kospi, Japan's Nikkei 225, Hong Kong's Hang Seng and the FTSE Bursa Malaysia KLCI shed between 0.6 per cent and 1.8 per cent.

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