Plus   Neg

Singapore Stock Market May Extend Losing Streak

The Singapore stock market has finished lower in two straight sessions, surrendering more than 20 points or 06 percent along the way. The Straits Times Index now rests just beneath the 3,195-point plateau and it may take further damage again on Monday.

The global forecast for the Asian markets is negative thanks to unrest in Hong Kong and how it may delay any resolution in the trade spat between the United States and China. The European and U.S. markets were down on Friday and the Asian bourses are tipped to open in similar fashion.

The STI finished slightly lower on Friday as losses from the financials and industrials were tempered by support from the plantation stocks.

For the day, the index dipped 6.69 points or 0.21 percent to finish at 3,193.92 after trading between 3,182.05 and 3,199.25. Volume was 1.05 billion shares worth 1.24 billion Singapore dollars. There were 188 decliners and 167 gainers.

Among the actives, Thai Beverage surged 2.89 percent, while Golden Agri-Resources soared 2.38 percent, City Developments plunged 1.62 percent, Mapletree Commercial Trust plunged 1.26 percent, SingTel spiked 1.20 percent, Hongkong Land accelerated 1.10 percent, DBS Group tumbled 1.10 percent, Genting Singapore skidded 1.07 percent, Ascendas REIT jumped 1.02 percent, Singapore Technologies Engineering dropped 0.96 percent, Comfort DelGro retreated 0.84 percent, Oversea-Chinese Banking Corporation declined 0.74 percent, United Overseas Bank sank 0.73 percent, Wilmar International advanced 0.49 percent, SembCorp Industries shed 0.45 percent, CapitaLand Mall Trust added 0.40 percent, Keppel Corp lost 0.30 percent, CapitaLand gained 0.27 percent and Yangzijiang Shipbuilding, Singapore Exchange, CapitaLand Commercial Trust and Singapore Airlines were unchanged.

The lead from Wall Street is soft as stocks gave ground in Friday's shortened session retreating from Wednesday's record closing highs.

The Dow shed 112.59 points or 0.40 percent to 28,051.41, while the NASDAQ lost 39.70 points or 0.46 percent to 8,665.47 and the S&P 500 fell 12.65 points or 0.40 percent to 3,140.98. For the week, the NASDAQ surged 1.7 percent, the S&P jumped 1 percent and the Dow rose 0.6 percent.

The weakness on Wall Street came as traders cashed in on recent gains amid concerns rising tensions between the U.S. and China over the situation in Hong Kong could impact ongoing trade talks.

After President Donald Trump signed two bills in support of pro-democracy protesters in Hong Kong, a spokesman for China's Foreign Ministry threatened strong countermeasures.

After moving higher in the two previous sessions, crude oil prices showed a substantial pullback on Friday on rising tensions between the U.S. and China. Crude for January delivery plunged $2.94 or 5.1 percent to $55.17 a barrel, ending at its lowest closing level in a month.

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