(RTTNews) - The Singapore stock market on Friday snapped the two-day slide in which it had fallen almost 45 points or 1.8 percent. The Straits Times Index now rests just above the 2,600-point plateau although it's expected to turn lower again on Monday.
The global forecast for the Asian markets is soft on spiking Covid-19 cases and poor results from bank stress tests. The European markets were mixed and the U.S. bourses were sharply lower and the Asian markets figure to follow the latter lead.
The STI finished modestly higher on Friday following gains from the financial shares, property stocks and plantations.
For the day, the index gained 14.36 points or 0.55 percent to finish at 2,604.51 after trading between 2,600.50 and 2,619.65.
Among the actives, Wilmar International surged 2.21 percent, while Singapore Exchange soared 2.11 percent, Ascendas REIT spiked 1.93 percent, SATS plummeted 1.65 percent, Mapletree Logistics Trust accelerated 1.55 percent, Singapore Press Holdings plunged 1.52 percent, Oversea-Chinese Banking Corporation jumped 1.12 percent, Yangzijiang Shipbuilding climbed 1.06 percent, Mapletree Commercial Trust gathered 1.04 percent, CapitaLand Mall Trust perked 1.01 percent, Genting Singapore advanced 0.66 percent, Comfort DelGro skidded 0.65 percent, DBS Group added 0.63 percent, Singapore Technologies Engineering gained 0.61 percent, SembCorp Industries dropped 0.54 percent, Singapore Airlines sank 0.52 percent, SingTel rose 0.40 percent, United Overseas Bank collected0.39 percent, Keppel Corp increased 0.17 percent and Thai Beverage, CapitaLand and CapitaLand Commercial Trust were unchanged.
The lead from Wall Street is broadly negative as stocks opened sharply lower on Friday and stayed that way throughout the session.
The Dow plummeted 730.05 points or 2.84 percent to finish at 25,015.55, while the NASDAQ tumbled 259.78 points or 2.59 percent to end at 9,757.22 and the S&P 500 sank 74.71 points or 2.42 percent to close at 3,009.05.
The weakness on Wall Street was due largely to a sharp surge in new Covid-19 infections in several states, raising fears of re-imposing restrictions on businesses. The U.S. Centers of Disease Control and Prevention has warned that the number of infected people in the U.S. is most likely 10 times higher than what has been officially reported.
Financials turned lower after the Fed released the results of stress tests on banks - which said the nation's biggest banks are healthy but could suffer up to $700 billion in losses on soured loans if the economy languishes. It also ordered certain banks to cap dividends to conserve funds.
Crude oil futures settled lower on Friday, weighed down by concerns over energy demand outlook in the wake of sharp spikes in new coronavirus infections in several states in the U.S. West Texas Intermediate Crude oil futures for August ended down $0.23 or 0.6 percent at $38.49 a barrel.
Closer to home, Singapore will provide May numbers for import prices, export prices and producer prices later today. In April, import prices were down 13.3 percent on year, while export prices sank 9.9 percent on year and producer prices tumbled 7.6 percent on month and 15.5 percent on year.
To keep reading about Singapore Shares Tipped To Open Under Pressure On Monday, Click on the link. Seoul, Korea
http://dlvr.it/RZYYtl
Comments
Post a Comment