Singapore Strait Times Index stocks fell on Friday and end ended the week more than 1% lower, following declines from local banks.

During the day, the benchmark index ranged between 3,179.35 and 3,216.65, ending 1.18% or 38.03 points lower at 3,184.91.

In economic news, Singapore's consumer price index fell 2.9% year on year in January, compared with a 3.7% decline in December 2023.

Separately, Bank of America revised Singapore's GDP forecast for the fourth quarter of 2023 down to 2.2%.

In corporate news, Singtel's (SGX:Z74) share fell nearly 1% on Friday's close, as it booked a net profit of SG$465 million in the fiscal third quarter ended Dec. 31, 2023, down 12.5% from SG$532 million in the year-ago period.

Genting Singapore (SGX:G13) closed nearly 10% lower on Friday, even as its net profit ballooned 31% to SG$334.9 million in the second half of 2023, from SG$255.7 million a year earlier.

Kingsmen Creatives (SGX:5MZ) booked a 63.5% decrease in its profit attributable to equity holders for the second half of the year to SG$2.3 million, from SG$6.2 million a year earlier, sending the company's shares down 7% at market close.