The Singapore Stock Exchange is expected to remain within reach on Monday


(RTTNews) – The Singapore stock market has moved up in two out of three trading days since the end of its six-day losing streak, in which it slumped nearly 200 points, or 6.4 percent. The Straits Times Index is now just above the 3,100-point plateau, although it is expected to decline again on Monday.

The global outlook for Asian markets is negative amid the coronavirus and economic concerns, with oil and technology stocks likely to take the lead. The European and US markets did solidly underwater and the Asian markets are expected to open similarly.

The STI finished modestly higher on Friday after gains in industrial and real estate stocks while financial stocks were mixed.

For the day, the index rose 9.82 points, or 0.32 percent, to finish at 3,101.93 after trading between 3,080.29 and 3,109.64. The volume was 1.04 billion shares valued at 1.13 billion Singapore dollars. There were 269 winners and 194 relegations.

In assets, Ascendas REIT rose 0.68 percent, while CapitaLand Integrated Commercial Trust lost 0.48 percent, City Developments and Wilmar International both rose 0.74 percent, Comfort DelGro rose 2.19 percent, Dairy Farm International and Genting Singapore both rose 2.01 percent, DBS Group lost 0.25 percent, Keppel Corp rose 0.39 percent, Oversea-Chinese Banking Corporation fell 0.09 percent, SATS rose 2.62 percent, SembCorp Industries rose 2.58 percent, Singapore Airlines rose 0.62 percent, Singapore Exchange rose 2.43 percent, Singapore Technologies Engineering rose 0.27 percent, Thai Beverage rose 0.76 percent, United Overseas Bank 0.46 percent, Yangzijiang Shipbuilding rose 0.78 percent, and Mapletree Commercial Trust, Mapletree Logistics Trust, Singapore Press Holdings and SingTel were unchanged.

Wall Street’s lead is weak as the major averages opened slightly higher on Friday but turned down quickly and spent the rest of the day in negative territory.

The Dow fell 59/72 points, or 0.17 percent, to end at 34,580.08, while the NASDAQ closed 295.83 points, or 1.92 percent, to 15,085.47 and the S&P 500 lost 38.67 points, or 0.84 percent and ended at 4,538.43. For the week, the NASDAQ slumped 2.6 percent, the S&P lost 1.2 percent and the Dow fell 0.9 percent.

The losses prolonged the volatility seen over the week, with stocks swelling wildly in response to the Omicron variant of the coronavirus. After the first confirmed case in the US earlier this week, the new variant has now been detected in at least five states.

Traders also responded to the Department of Labor report, which showed weaker-than-expected US employment growth in November, even though the unemployment rate fell to 4.2 percent – its lowest level since February 2020.

While disappointing employment growth amid the advent of the Omicron variant has raised some economic outlook concerns, the Federal Reserve is unlikely to deviate from accelerating curbs on its asset purchases.

Crude oil futures detracted from early gains and leveled lower on Friday amid uncertainty over the outlook for energy demand due to new restrictions following the spread of the new Omicron coronavirus variant in several countries. West Texas Intermediate Crude Oil Futures for January closed $ 0.24, or 0.4 percent, to $ 66.26 a barrel.

The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.


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