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Mild Selling Pressure Tipped For Singapore Shares

The Singapore stock market has moved lower in two of three trading days since the end of the two-day winning streak in which it had gathered more than 55 points or1.6 percent. The Straits Times Index now rests just above the 3,435-point plateau and it may see continued consolidation on Monday.

The global forecast for the Asian markets is uncertain, with higher closes from Europe and the United Sates overshadowed by renewed concerns of a trade war after a contentious G7 meeting. A fall in crude oil prices adds to the soft sentiment.

The STI finished sharply lower on Friday following losses from the financial shares, property stocks and industrial issues.

For the day, the index tumbled 36.71 points or 1.06 percent to finish at 3,436.37 after trading between 3,432.18 and 3,474.09. Volume was 2.1 billion shares worth 1.1 billion Singapore dollars. There were 264 decliners and 151 gainers.

Among the actives, Hutchison Port Holdings surged 3.28 percent, while Yangzijiang Shipbuilding plummeted 2.88 percent, Comfort DelGro plunged 2.44 percent, Oversea-Chinese Banking Corporation tumbled 2.02 percent, United Overseas Bank skidded 1.89 percent, Golden Agri-Resources dropped 1.61 percent, CapitaLand Mall Trust declined 1.42 percent, SembCorp Industries retreated 1.34 percent, Thai Beverage shed 1.28 percent, DBS Group lost 1.04 percent, Wilmar International and Keppel Corp both lost 0.92 percent, CapitaLand slid 0.85 percent, SingTel fell 0.62 percent and Singapore Press Holdings and Genting Singapore were unchanged.

The lead from Wall Street is positive as stocks opened lower Friday but rebounded as the day progressed. With the turnaround, the Dow and the S&P hit their best closing levels in three months.

The Dow climbed 75.12 points or 0.30 percent to 25,316.53, the NASDAQ gained 10.44 points or 0.14 percent to 7,645.51 and the S&P rose 8.66 points or 0.31 percent to 2,779.03. For the week, the Dow soared 2.8 percent, the S&P surged 1.6 percent and the NASDAQ jumped 1.2 percent.

The rebound by stocks came as traders kept a close eye on any developments out of the G7 summit in Canada.

The summit focused on trade relations amid the ongoing dispute over President Donald Trump imposing tariffs on steel and aluminum imports from Canada, Mexico, and the European Union.

Crude oil inched lower Friday as the dollar strengthened on safe have demand amid a breakdown in trade relations between the U.S. and its closest allies. West Texas Intermediate oil for July fell 21 cents or 0.3 percent to $65.74/bbl.

by RTTNews Staff Writer

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