STI closes 0.4% lower at 2,875.24

SINGAPORE (Oct 7): Singapore stocks closed lower on Friday, tracking regional peers. Market worries sent Asian equities broadly lower as increasingly heated discussions over the UK’s exit from the European Union saw the pound plunging against the US dollar.

At 5.04pm, the benchmark Straits Times Index ended 0.4% or 9.98 points lower at 2,875.24. In the broader market, 1.7 billion shares valued at $872 million changed hands. Losers outnumbered gainers 198 to 166.

Shares in all three telcos fell. Singtel closed 7 cents lower at $3.95, StarHub closed 7 cents lower at $3.42 while M1 ended 3 cents lower at $2.36. Analysts say earnings at the telecom companies may come under pressure with the likely rise in competition, as and when a fourth telco enters the market.

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