(RTTNews) – The Singapore stock market has closed lower in three straight sessions, dropping more than 45 points or 1.5 percent along the way. The Straits Times Index now rests just above the 3,095-point plateau although it’s expected to find its footing on Monday.
The global forecast for the Asian markets is upbeat, with bargain hunting expected after heavy selling last week, especially among the oil and technology stocks. The European markets were mixed and flat and the US stock exchanges were up and the Asian markets figure to split the difference.
The STI finished slightly lower on Friday following losses from the financials, gains from the industrials and a mixed picture from the property sector.
For the day, the index fell 6.62 points or 0.21 percent to finish at 3,095.59 after trading between 3,089.40 and 3,121.25. Volume was 707.02 million shares worth 832.59 million Singapore dollars. There were 196 decliners and 130 gainers.
Among the actives, Ascendas REIT retired 1.05 percent, while CapitaLand Integrated Commercial Trust slumped 0.92 percent, CapitaLand Investment and Oversea-Chinese Banking Corporation both skidded 0.79 percent, City Developments tumbled 1.35 percent, DBS Group shed 0.64 percent, Genting Singapore advanced 0.69 percent, Hongkong Land jumped 0.80 percent, Keppel Corp gained 0.46 percent, Mapletree Logistics Trust added 0.60 percent, SATS eased 0.26 percent, SembCorp Industries rose 0.35 percent, Singapore Exchange lost 0.63 percent, Singapore Technologies Engineering declined 0.98 percent, SingTel climbed 0.79 percent, United Overseas Bank fell 0.38 percent, Wilmar International spiked 0.99 percent, Yangzijiang Shipbuilding surged 1.61 percent and Yangzijiang Financial, Mapletree Commercial Trust, Mapletree Industrial Trust, Comfort DelGro and Thai Beverage were unchanged.
The lead from Wall Street is positive as stocks shook off early listlessness on Friday, accelerating in the second half to finish near session highs.
The Dow spiked 321.86 points or 1.05 percent to finish at 31,097.26, while the NASDAQ jumped 99.14 points or 0.90 percent to close at 11,127.84 and the S&P 500 soared 39.95 points or 1.06 percent to end at 3,825.33.
For the week, the NASDAQ plunged 4.1 percent, the S&P sank 2.2 percent and the Dow dropped 1.3 percent.
The higher close on Wall Street came as traders went bargain hunting following early session selling. Concerns about the possibility of tighter monetary policy triggering a global recession also weigh on the markets in early trading.
Stocks fell under pressure following a report from the Institute for Supply Management showing US manufacturing activity slowed more than expected in June, while a separate report from the Commerce Department showed US construction spending unexpectedly edged lower in May.
Crude oil prices moved higher Friday on concerns about supply outages in Libya and shutdowns in Norway caused by striking workers. West Texas Intermediate Crude oil futures for August ended higher by $2.67 or 2.5 percent at $108.43 a barrel. WTI crude oil futures rose 1 percent in the week.
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