Singapore stocks close lower amid caution over economy’s outlook

(Photo credit: ST File)

Source: The Straits Times

Shares on the Singapore market ended lower on April 28, after the city state’s central bank sounded a cautious note about the economy’s growth outlook. The Republic’s latest employment report also cast more pessimism, with the Government forecasting further softening in the labour market.

The Monetary Authority of Singapore reiterated the official full-year growth forecast range of zero per cent to 2 per cent for 2025, but noted “significant uncertainty over how trade policy actions will unfold”.

Separately, the Ministry of Manpower said business sentiment has turned more cautious amid a slowdown in employment growth and a rise in unemployment in the first quarter of the year.

The benchmark Straits Times Index fell 0.3 per cent or 11.98 points to 3,811.80. Across the broader market, gainers outnumbered decliners 243 to 220, after 879.65 million securities worth $1.12 billion changed hands.

The biggest decliner was UOB, which shed 3.7 per cent or $1.31 to end at $34.42 on ex-dividend.

The top gainer was Yangzijiang Shipbuilding, which rose 2.3 per cent, or five cents, to $2.25.

Singapore’s other local banks also fell on April 28, with DBS Bank slipping 0.1 per cent or five cents to $42.30, and OCBC Bank ending 0.4 per cent or seven cents lower at $15.83.

Across Asia, equities traded mixed, as investors assessed China’s promises to support local businesses as well as developments in trade talks between the region and the US.

Japan’s Nikkei 225 closed 0.4 per cent higher, along with South Korea’s Kospi, which gained 0.1 per cent.

Greater China equities bucked the trend, with the Shenzhen Component Index falling 0.6 per cent, the Shanghai Composite Index shedding 0.2 per cent, and Hong Kong’s Hang Seng Index slipping 0.04 per cent.