Plus   Neg

Singapore Shares May Take Further Damage On Monday

The Singapore stock market on Friday ended the three-day winning streak in which it had gathered almost 115 points or 3.7 percent. The Straits Times Index now rests just above the 3,180-point plateau and it may extend its losses on Monday.

The global forecast for the Asian markets is soft, with profit taking likely after last week's rally. The European and U.S. markets were down on Friday and the Asian markets are likely to follow suit.

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

For the day, the index sank 50.07 points or 1.55 percent to finish at 3,181.48 after trading between 3,170.57 and 3,219.80. Volume was 1.69 billion shares worth 1.47 billion Singapore dollars. There were 302 decliners and 151 gainers.

Among the actives, Ascendas REIT tumbled 2.73 percent, while CapitaLand shed 0.54 percent, CapitaLand Mall Trust lost 0.81 percent, City Developments added 0.36 percent, Comfort DelGro skidded 2.23 percent, Mapletree Commercial Trust sank 2.15 percent, Mapletree Logistics Trust retreated 0.52 percent, Oversea-Chinese Banking Corporation fell 1.90 percent, SembCorp Industries plunged 6.02 percent, Thai Beverage plummeted 6.11 percent, Yangzijiang Shipbuilding declined 3.96 percent, United Overseas Bank lost 1.44 percent, DBS Group sank 1.52 percent, Wilmar International slid 1.47 percent and CapitaLand Commercial Trust was unchanged.

The lead from Wall Street is negative as stocks spent most of Friday's session in the red, handing back gains from earlier in the week.

The Dow shed 277.26 points or 0.94 percent to end at 29,102.51, while the NASDAQ lost 51.64 points or 0.54 percent to 9,520.51 and the S&P 500 fell 18.07 points or 0.54 percent to 3,327.71.

Profit taking fueled to weakness on Wall Street as traders looked to cash in after the strong upward move in previous days. Lingering concerns about the coronavirus also re-emerged after traders shrugged off the worries about the outbreak to drive stocks higher.

However, selling pressure was subdued following the release of the Labor Department report that showed stronger than expected job growth in January.

Crude oil futures closed lower on Friday as worries about the spread of the coronavirus and its impact on the global economy and energy demand weighed on oil prices. West Texas Intermediate crude oil futures for March ended down $0.63 or 1.2 percent at $50.32 a barrel.

For comments and feedback contact: editorial@rttnews.com

Market Analysis

Follow RTT