Higher Open Anticipated For Singapore Stock Market

(RTTNews) - The Singapore stock market turned lower again on Friday, one session after ending the four-day losing streak in which it had stumbled more than 85 points or 2.7 percent. The Straits Times Index now sits just above the 3,135-point plateau although it's likely to move back to the upside again on Monday.

The global forecast for the Asian markets is upbeat, with support expected from the technology and oil companies. The European and U.S. markets were up and the Asian bourses figure to open in similar fashion.

The STI finished slightly lower on Friday following weakness from the trusts and properties and mixed performances from the financial shares and industrial issues.

For the day, the index slipped 6.09 points or 0.19 percent to finish at 3,135.76 after trading between 3,125.75 and 3,153.63.

Among the actives, Ascendas REIT skidded 0.73 percent, while CapitaLand Integrated Commercial Trust tanked 2.55 percent, CapitaLand Investment surrendered 2.52 percent, City Developments added 0.53 percent, Comfort DelGro advanced 0.74 percent, DBS Group collected 0.66 percent, Emperador stumbled 0.98 percent, Genting Singapore sank 0.55 percent, Hongkong Land plunged 4.14 percent, Keppel DC REIT dropped 0.59 percent, Keppel Ltd slumped 0.97 percent, Mapletree Pan Asia Commercial Trust tumbled 2.22 percent, Mapletree Industrial Trust declined 1.31 percent, Mapletree Logistics Trust retreated 1.35 percent, Oversea-Chinese Banking Corporation perked 0.08 percent, SATS rallied 1.53 percent, Seatrium Limited surged 5.56 percent, SembCorp Industries fell 0.20 percent, Singapore Technologies Engineering lost 0.25 percent, SingTel shed 0.43 percent, Wilmar International gained 0.30 percent, Yangzijiang Financial plummeted 4.35 percent, Yangzijiang Shipbuilding soared 2.29 percent and Thai Beverage, Frasers Logistics and Venture Corporation were unchanged.

The lead from Wall Street is positive as the major averages opened flat on Friday but accelerated as the day progressed, sending the NASDAQ and S&P to record closing highs.

The Dow advanced 90.98 points or 0.23 percent to finish at 39,087.38, while the NASDAQ jumped 183.04 points or 1.14 percent to close at 16,274.94 and the S&P 500 rallied 40.81 points or 0.80 percent to end at 5,137.08. For the week, the NASDAQ shot up 1.7 percent and the S&P 500 rose 1.0 percent, but the Dow eased 0.1 percent.

The surge by the NASDAQ reflected substantial strength among computer hardware stocks following upbeat results from Dell (DELL), with the NYSE Arca Computer Hardware Index soaring to a record closing high.

In economic news, the Institute for Supply Management said manufacturing activity in the U.S. unexpectedly contracted at an accelerated rate in February. Also, the University of Michigan released revised data showing consumer sentiment unexpectedly deteriorated in February.

The soft data contributed to a downturn by treasury yields, which added to optimism about the Federal Reserve eventually cutting interest rates.

Oil prices rose to a four-month high on Friday, buoyed by reports that oil demand surged to a four-year high in 2023 and will hold near that level again this year. West Texas Intermediate Crude oil futures for April spiked $1.71 or 2.2 percent at $79.97 a barrel, the highest close since November 6, 2023.

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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