The winning streak should end for the Singapore stock market


(RTTNews) – Singapore’s stock market has finished higher in three consecutive sessions, rising more than 100 points or 3.3% along the way. The Straits Times index is now just below the 3,250 plateau, although it is expected to run out of steam on Monday.

The global forecast for Asian markets is weak due to rising crude oil prices and falling tech stocks. European markets were up and US stock markets were down and Asian markets should follow the latter lead.

The STI ended slightly higher on Friday after gains in financial stocks, real estate stocks and industrials issues.

For the day, the index added 8.93 points or 0.28% to end at 3,249.66 after trading between 3,217.56 and 3,251.34. The volume was 1.21 billion shares worth S$1.13 billion. There were 237 winners and 222 decliners.

Among assets, Ascendas REIT rose 0.70%, while CapitaLand Integrated Commercial Trust gained 0.47%, City Developments jumped 1.53%, Dairy Farm International fell 3.59%, DBS Group climbed 1.12%, Genting Singapore climbed 0.65%, Hongkong Land fell 1.73%. Keppel Corp rose 0.49%, Mapletree Logistics Trust added 0.55%, SATS rose 0.51%, Singapore Airlines rose 0.60%, Singapore Exchange jumped 0.95%, Singapore Press Holdings rose 0.43%, Singapore Technologies Engineering lost 0.49%, SingTel accelerated 0.78%, Thai Beverage fell 0.74%, United Overseas Bank collected 0.53%, Wilmar International lost 0.43%, Yangzijiang Shipbuilding jumped 0.71% and Mapletree Commercial Trust, SembCorp Industries, Oversea-Chinese Banking Corporation and Comfort DelGro were unchanged.

Wall Street’s lead is negative as major averages opened higher on Friday but were unable to hold their gains and ended firmly in the red.

The Dow Jones slipped 229.91 points or 0.69% to end at 32,944.19, while the NASDAQ fell 286.19 points or 2.18% to end at 12,843.81 and the S&P 500 fell 55.21 points or 1.30% to close at 4,204.31. For the week, the Dow Jones lost 2%, the NASDAQ lost 3.5% and the S&P fell 2.9%.

Growing concerns over the economic impact of the Russian invasion of the war in Ukraine and the various sanctions imposed on Russia by the United States and Western allies have turned the mood bearish.

In economic news, the University of Michigan noted a bigger than expected decline in US consumer sentiment in March. The report also showed that one-year inflation expectations jumped to 5.4% in March from 4.9% in February, while five-year inflation expectations held steady at 3.0%. .

Crude oil prices rose on Friday on worries about supply disruptions amid uncertainty over any meaningful progress in talks between Russia and Ukraine. West Texas Intermediate crude oil futures for April ended up $3.31 or 3.1% at $109.33 a barrel. WTI crude futures lost 5.5% during the week.

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


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