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Singapore Stock Market May Spin Its Wheels On Monday

singapore-stock-market-may-spin-its-wheels-on-monday

(RTTNews) – The Singapore stock market on Friday wrote a finish to the two-day winning streak in which it had collected almost 35 points or 1.1 percent. The Straits Times Index now sits just beneath the 3,085-point plateau and it may take further damage on Monday.

The global forecast for the Asian markets is negative on disappointing U.S. jobs data and sinking crude oil prices. The European markets were down and the U.S. bourses were mixed and flat and the Asian markets figure to split the difference.

The STI finished slightly lower on Friday as losses from the property stocks and industrials were offset by support from the financial shares.

For the day, the index dipped 4.99 points or 0.16 percent to finish at 3,083.85 after trading between 3,076.03 and 3,093.62. Volume was 2.02 billion shares worth 971.4 million Singapore dollars. There were 263 gainers and 217 decliners.

Among the actives, Ascendas REIT rose 0.32 percent, while CapitaLand plunged 1.47 percent, CapitaLand Integrated Commercial Trust added 0.48 percent, City Developments shed 0.44 percent, Comfort DelGro tanked 1.24 percent, Dairy Farm International and UOL both lost 0.28 percent, DBS Group was up 0.07 percent, Keppel Corp and Mapletree Logistics Trust both skidded 0.95 percent, Mapletree Commercial Trust jumped 0.97 percent, Oversea-Chinese Banking Corporation collected 0.17 percent, SembCorp Industries sank 0.52 percent, Singapore Exchange climbed 0.89 percent, Singapore Press Holdings dropped 0.51 percent, Singapore Technologies Engineering tumbled 1.05 percent, SingTel gained 0.42 percent, Thai Beverage advanced 0.74 percent, Wilmar International fell 0.24 percent, Yangzijiang Shipbuilding plummeted 2.41 percent and Genting Singapore, United Overseas Bank, SATS and Singapore Airlines were unchanged.

The lead from Wall Street is slightly soft as the major averages opened lower on Friday, and only the NASDAQ was able to break through to finish in the green.

The Dow shed 74.71 points or 0.21 percent to finish at 35,369.09, while the NASDAQ gained 32.32 points or 0.21 percent to close at 15,363.52 and the S&P 500 fell 1.52 point or 0.03 percent to end at 4,535.43. For the week, the NASDAQ jumped 1.5 percent, the Dow eased 0.2 percent and the S&P rose 0.6 percent.

The choppy trading on Wall followed the Labor Department’s monthly employment report, which showed much weaker than expected job growth in August.

The report suggested the delta variant of the coronavirus is weighing on the labor market, although the data could also lead the Federal Reserve to push back its plans to begin scaling back stimulus.

A separate report released by the Institute for Supply Management showed U.S. service sector growth slowed from a record pace in August.

Crude oil prices drifted lower on Friday amid worries about demand following the smaller than expected increase in U.S. non-farm payrolls last month. West Texas Intermediate crude oil futures ended down $0.70 or 1 percent at $69.29 a barrel; WTI crude futures gained 0.8 percent in the week.

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