Singapore shares fall as chip stocks take a beating; STI down 0.4% - The Business Times

Mapletree Logistics Trust leads the gainers on Singapore’s blue-chip index, rising 2.8% or S$0.03 to S$1.10

[SINGAPORE] Singapore stocks ended lower on Friday (Oct 30).

The benchmark Straits Times Index (STI) lost 0.4 per cent or 19.29 points to finish at 5,376.74.

Mapletree Logistics Trust led the gainers on Singapore’s blue-chip index, rising 2.8 per cent or S$0.03 to S$1.10.

The worst performer among STI constituents was Wilmar International , which fell 3.2 per cent or S$0.10 to S$3.01.

The local banks all ended lower. DBS lost 0.9 per cent or S$0.67 to S$73.13, OCBC fell 0.2 per cent to S$29.29, and UOB was down 0.3 per cent at S$41.37.

Investors were letting go of chip stocks in Singapore and the region on Friday following a similar rout overnight on Wall Street.

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AEM had lost more than 11 per cent to S$7.23 at market open.

UMS Integration and Frencken both ended the day at S$2.01, down 7.8 per cent and 5.2 per cent, respectively.

Newly listed Mi Material, which makes chip packaging materials, was down 9 per cent at S$1.63 in early trade. It closed 16.1 per cent lower at S$1.51.

The region’s chip losses tracked an overnight slide on Wall Street. Shares of Alphabet, which owns Google, closed 12.6 per cent lower at US$283.82 on Thursday – its biggest single-day loss since the company listed in 2004.

In the broader tech market, US stocks tumbled for a second session as investors pulled out of artificial intelligence-linked stocks on another round of disappointing earnings.

Within the iEdge Singapore Next 50 Index, Yangzijiang Financial was the top gainer, rising 7.5 per cent or S$0.015 to S$0.215, while AEM was the biggest decliner, falling 8.6 per cent or S$0.70 to S$7.45.

Across the broader market, gainers trailed losers 270 to 304, after 1.1 billion securities worth S$1.9 billion changed hands.

Key regional indices were mixed. Hong Kong’s Hang Seng Index gained 1.5 per cent, Japan’s Nikkei 225 fell 2.1 per cent, South Korea’s Kospi was down 3.5 per cent and the FTSE Bursa Malaysia KLCI advanced 0.3 per cent.

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