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Singapore Stock Market Tipped To Open Under Pressure

The Singapore stock market on Friday ended the three-day winning streak in which it had advanced almost 30 points or 1 percent. The Straits Times Index now sits just above the 2,990-point plateau and it may take further damage on Monday.

The global forecast for the Asian markets is mixed to lower on concerns about the coronavirus and uncertainty about additional stimulus. The European markets were slightly lower and the U.S. bourses were mixed and the Asian markets figure to split the difference.

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

For the day, the index sank 25.62 points or 0.85 percent to finish at 2,991.53 after trading between 2,981.18 and 3,009.13. Volume was 2.93 billion shares worth 1.53 billion Singapore dollars. There were 269 decliners and 229 gainers.

Among the actives, City Developments plummeted 2.21 percent, Singapore Airlines plunged 2.08 percent, Yangzijiang Shipbuilding tanked 1.87 percent, Mapletree Commercial Trust tumbled 1.80 percent, Comfort DelGro skidded 1.79 percent, Dairy Farm International retreated 1.76 percent, Singapore Press Holdings declined 1.65 percent, Keppel Corp surrendered 1.57 percent, Singapore Exchange sank 1.46 percent, CapitaLand dropped 1.45 percent, Thai Beverage shed 1.23 percent, SembCorp Industries and Oversea-Chinese Banking Corporation both lost 1.12 percent, United Overseas Bank fell 1.09 percent, DBS Group slid 1.06 percent, Singapore Technologies Engineering dipped 1.03 percent, CapitaLand Integrated Commercial Trust slipped 0.87 percent, SATS weakened 0.76 percent, Wilmar International was down 0.73 percent, SingTel eased 0.40 percent, Venture Corporation rose Mapletree Logistics Trust, Genting Singapore, Ascendas REIT and CapitaLand Commercial Trust were unchanged.

The lead from Wall Street is murky as stocks opened sharply lower on Friday but rebounded to finish mixed and little changed.

The Dow shed 179.03 points or 0.57 percent to finish at 30,996.98, while the NASDAQ rose 12.15 points or 0.09 percent to end at 13,543.06 and the S&P 500 fell 11.60 points or 0.30 percent to close at 3,841.47. For the week, the Dow added 0.6 percent, the NASDAQ jumped 4.2 percent and the S&P rose 1.9 percent.

The lower open on Wall Street came on profit taking following recent gains, as well as uncertainty about President Joe Biden's proposed $1.9 trillion coronavirus relief package.

The negative sentiment may have been partly offset by a report from the National Association of Realtors showing an unexpected rebound in existing home sales in December.

Crude oil prices slid on Friday after data showed a rise in U.S. crude inventories in the week ended January 15. Rising coronavirus cases and lockdown measures also raised concerns about the outlook for demand. West Texas Intermediate Crude oil futures sank $0.86 or 1.6 percent at $52.27 a barrel and 0.2 percent for the week.

Closer to home, Singapore will release December numbers for consumer prices later today. Overall inflation and core CPI are both expected to slip 0.1 percent on year for the second straight month. Consumer prices were down 0.4 percent on month in November.

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