STI closes 0.95% lower, down 3.69% for the week

THE Straits Times Index (STI) fell 24.21 points or 0.95 per cent on Friday to finish the week at 2.518.16 points, as prospects for a gradual re-opening of the world economy looked dimmer after a report the night before revealed that a leading experimental coronavirus drug had disappointed in a clinical trial.

The STI finished the week down 96.44 points or 3.69 per cent.

The STI gapped down at the open on Friday, but crept higher over the day as Singapore's manufacturing sector reported a surprise surge in activity in March, up 16.5 per cent from the same period a year earlier on higher pharma output. Still, the impact of Covid-19 will be felt more keenly by the sector in April, when the partial lockdown measures were enforced.

About 1.22 billion securities worth S$1.08 billion changed hands on Friday. Losers outnumbered gainers 259 to 158.

Catalist-listed Singapore eDevelopment was the top active counter, closing 25 per cent or one Singapore cent higher at S$0.05 on volume of 74.6 million. Singapore eDevelopment's US subsidiary, Impact BioMedical, said on Thursday that its effective ownership in a suite of antiviral and medical technologies that have shown "encouraging Covid-19 testing results" is valued at S$542 million.

Catalist-listed investment holding firm 3Cnergy, formerly known as HSR Global, was the second most active counter, closing 100 per cent or 1.3 Singapore cents higher at S$0.026 on volume of 57.9 million.

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Hotel Royal was the top gainer, rising 7.41 per cent or two Singapore cents to S$2.90 on volume of 3,400. Jardine Matheson was the top loser, declining 5.67 per cent or US$2.83 to US$47.11.

Regional markets were downbeat. The Hang Seng fell 0.61 per cent, the KLSE shed 0.85 per cent, the Nikkei slipped 0.86 per cent and the Shanghai Composite fell 1.06 per cent.