Plus   Neg

Singapore Stock Market May Find Traction On Monday

The Singapore stock market has moved lower in four straight sessions, sinking more than 20 points or 0.8 percent along the way. The Straits Times Index now sits just above the 2,490-point plateau although it may stop the bleeding on Monday.

The global forecast for the Asian markets is fairly flat, although technology stocks may see further profit taking. The European and U.S. bourse were mixed but little changed on Friday and the Asian markets are tipped to follow suit.

The STI finished barely lower on Friday following mixed performances from the financial shares, property stocks and industrial issues.

For the day, the index eased 2.0 points or 0.08 percent to finish at 2,490.09 after trading between 2,476.82 and 2,492.42. Volume was 1.24 billion shares worth 925.7 million Singapore dollars.

Among the actives, Hongkong Land Holdings plummeted 2.56 percent, while Yangzijiang Shipbuilding surged 1.57 percent, Dairy Farm International soared 1.30 percent, Mapletree Logistics Trust spiked 0.99 percent, Singapore Press Holdings jumped 0.95 percent, Keppel Corp tumbled 0.95 percent, SingTel climbed 0.90 percent, SembCorp Industries skidded 0.84 percent, Genting Singapore sank 0.74 percent, Wilmar International advanced 0.72 percent, Comfort DelGro added 0.67 percent, CapitaLand Commercial Trust dropped 0.59 percent, Singapore Airlines gained 0.56 percent, CapitaLand Mall Trust shed 0.51 percent, Mapletree Commercial Trust rose 0.51 percent, City Developments increased 0.38 percent, CapitaLand was up 0.36 percent, DBS Group lost 0.15 percent, Singapore Exchange eased 0.12 percent, United Overseas Bank collected 0.05 percent and Ascendas REIT, Singapore Technologies Engineering, Thai Beverage, Oversea-Chinese Banking Corporation, SATS and UOL Group all were unchanged.

The lead from Wall Street offers little clarity as stocks showed a lack of direction on Friday, bouncing back and forth across the unchanged line before finishing mixed.

The Dow added 131.06 points or 0.48 percent to finish at 27,665.64, while the NASDAQ lost 66.05 points or 0.60 percent to end at 10,853.54 and the S&P 500 rose 1.78 points or 0.05 percent to close at 3,340.97. For the week, the Dow lost 1.7 percent, the NASDAQ sank 4.1 percent and the S&P fell 2.5 percent.

The choppy trading on Wall Street came as traders were reluctant to make significant moves after the substantial volatility in the past several sessions.

Traders may also have been looking ahead to the Federal Reserve's latest monetary policy decision scheduled for next Wednesday. The Fed is widely expected to leave rates at near-zero levels but could make tweaks to its accompanying statement. The central bank's latest economic projections may also attract some attention.

In economic news, the Labor Department said consumer prices increased more than anticipated in August, as did core CPI.

Crude oil prices were sluggish on Friday but managed to close slightly higher, weighed by worries about the outlook for energy demand due to a continued surge in coronavirus cases. West Texas Intermediate crude oil futures for October ended up $0.03 or 0.08 percent at $37.33 a barrel. WTI crude oil futures lost 6 percent for the week.

Closer to home, Singapore will provide Q2 data for unemployment later today, with the jobless rate expected to come in at 2.9 percent - up from 2.4 percent in the previous three months.

For comments and feedback contact: editorial@rttnews.com

Market Analysis

Follow RTT