Singapore stock market expected to be constrained on Monday
(RTTNews) – Singapore’s stock market rebounded again on Friday, a day after snapping the three-day winning streak in which it improved by more than 60 points or 1.9%. The Straits Times Index is now just above the 3,240 plateau and it is likely that there will be little movement on Monday.
The global outlook for Asian markets ranges from flat to slightly higher, with support from oil stocks capped by weakness in tech stocks. European markets were slightly higher and US markets were mixed and little changed and Asian markets figured to share the difference.
The STI ended sharply higher on Friday after gains in financial stocks, real estate stocks and industrials issues.
For the day, the index climbed 49.87 points or 1.56% to end at 3,240.58 after trading between 3,210.75 and 3,246.13. The volume was 1.81 billion shares worth S$1.54 billion. There were 340 winners and 170 decliners.
Among assets, Ascendas REIT gained 0.74%, while CapitaLand Integrated Commercial Trust rose 0.45%, CapitaLand Investment accelerated 2.62%, City Developments gained 2.25%, Comfort DelGro rose 0.68%, DBS Group collected 1.00%, Genting Singapore rose 2.60%, Hongkong Land jumped 2.34%, Keppel Corp rose 0.89%, Mapletree Industrial Trust rose 0.41%, Oversea-Chinese Banking Corporation gained 1.03%, SATS climbed 3.40%, SembCorp Industries rose 1.41%, Singapore Exchange climbed 2.07%, Singapore Technologies Engineering rose 2.00%, Thai Beverage gained 0.71%, United Overseas Bank jumped 3.19%, Wilmar International jumped 4.13%, Yangzijiang Financial soared 8, 97% and Yangzijiang Shipbuilding, Mapletree Commercial Trust, Mapletree Logistics Trust, SingTel and Frasers Logistics remained unchanged.
Wall Street offers little guidance as major averages opened higher on Friday, quickly dipped into the red before rallying to end mixed and little changed.
The Dow Jones added 8.77 points or 0.03% to end at 31,261.90, while the NASDAQ fell 33.88 points or 0.30% to close at 11,354.62 and the S&P 500 rose 0.57 points or 0.01% to end at 3,901.36.
For the week, the NASDAQ plunged 3.8%, the S&P fell 3% and the Dow lost 2.9%.
The prolonged volatility on Wall Street came as traders continued to debate when markets would bottom after recent weakness.
The S&P 500 is down more than 20% from January’s closing high, which is seen as a signal for a bear market.
Crude oil futures settled higher on Friday, lifted by the EU’s proposed ban on Russian oil and the easing of Covid lockdowns in China. West Texas Intermediate crude oil futures for July added $0.39 or 0.4% to $110.28 a barrel.
Closer to home, Singapore will see April data for consumer prices later today; in March, headline inflation rose 1.2% m/m and 5.4% y/y, while core CPI rose 2.9% y/y.
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