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Singapore Shares Expected To Open Under Pressure On Monday

The Singapore stock market om Friday wrote a finish to the six-day winning streak in which it had jumped more than 65 points or 2.1 percent. The Straits Times Index now rests just beneath the 3,220-point plateau and the losses may accelerate on Tuesday.

The global forecast for the Asian markets suggests consolidation on sliding crude oil prices and another local surge in coronavirus cases. The European markets were mixed and the U.S. bourses were down and the Asian markets are also tipped to open in the red.

The STI finished slightly lower on Friday as losses from the industrials and properties were mitigated by support from the financial sector.

For the day, the index dipped 3.31 points or 0.10 percent to finish at 3,218.27 after trading between 3,217.22 and 3,237.23. Volume was 1.65 billion shares worth 1.83 billion ringgit. There were 306 decliners and 182 gainers.

Among the actives, Ascendas REIT lost 0.96 percent, while CapitaLand was down 0.53 percent, CapitaLand Integrated Commercial Trust fell 0.92 percent, City Developments slid 0.88 percent, Comfort DelGro plunged 2.27 percent, Dairy Farm International tumbled 1.80 percent, DBS Group jumped 1.77 percent, Genting Singapore sank 1.14 percent, Keppel Corp declined 1.45 percent, Mapletree Commercial Trust added 0.46 percent, Mapletree Logistics Trust dropped 1.00 percent, Oversea-Chinese Banking Corporation collected 0.66 percent, SATS shed 0.98 percent, SembCorp Industries plummeted 2.30 percent, Singapore Airlines surrendered 1.36 percent, Singapore Exchange dipped 0.85 percent, Singapore Press Holdings skidded 1.60 percent, Singapore Technologies Engineering eased 0.52 percent, SingTel slipped 0.79 percent, Thai Beverage weakened 0.69 percent, Wilmar International retreated 1.51 percent, Yangzijiang Shipbuilding tanked 2.05 percent and United Overseas Bank and Jardine Strategic Holdings were unchanged.

The lead from Wall Street is soft as the major averages opened lower on Friday and remained in the red throughout the trading day.

The Dow dropped 185.51 points or 0.54 percent to finish at 33,874.85, while the NASDAQ sank 119.86 points or 0.85 percent to end at 13,962.68 and the S&P 500 lost 30.30 points or 0.72 percent to close at 4,181.17.

For the week, the S&P 500 was nearly flat, while the Dow and the NASDAQ fell 0.5 percent and 0.4 percent, respectively. For the month, the NASDAQ spiked 5.4 percent, the S&P jumped 5.2 percent and the Dow climbed 2.7 percent.

The pullback on Friday reflected profit taking and a reaction to mixed earnings news from the likes of Twitter (TWTR), Chevron (CVX) and Exxon Mobil (XOM).

In economic news, the Commerce Department showing personal income skyrocketed in March, while the University of Michigan said consumer sentiment in the U.S. improved more than estimated in April.

Crude oil prices drifted lower on Friday, coming off six-week highs as worries about energy demand resurfaced amid a continued surge in coronavirus cases in Asia. West Texas Intermediate Crude oil futures for June ended down $1.43 or 2.2 percent at $63.58 a barrel.

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