Singapore Stock Market Likely Rangebound On Monday

(RTTNews) - The Singapore stock market on Friday snapped the two-day slide in which it had stumbled almost 45 points or 1.8 percent. The Straits Times Index now sits just beneath the 2,535-point plateau and it's expected to see little movement on Monday.

The global forecast for Asian markets is murky, clouded by uncertainty regarding stimulus in the United States. The European markets were up and the U.S. bourses were mixed and the Asian markets figure to split the difference.

The STI finished modestly higher on Friday as gains from the financials and industrials were offset by weakness from the properties.

For the day, the index added 9.40 points or 0.37 percent to finish at 2,533.02 after trading between 2,526.86 and 2,545.16. Volume was 1.07 billion shares worth 1.22 billion Singapore dollars. There were 246 gainers and 177 decliners.

Among the actives, Wilmar International surged 2.98 percent, while Yangzijiang Shipbuilding soared 2/11 percent, Thai Beverage spiked 1.75 percent, CapitaLand Mall Trust plunged 1.55 percent, DBS Group accelerated 1.52 percent, SembCorp Industries rallied 1.41 percent, Venture Corporation jumped 1.37 percent, SATS tanked 1.30 percent, Oversea-Chinese Banking Corporation climbed 1.27 percent, Mapletree Commercial Trust tumbled 1.03 percent, Mapletree Logistics Trust skidded 0.96 percent, Singapore Exchange advanced 0.88 percent, Singapore Technologies Engineering sank 0.83 percent, Hongkong Land dropped 0.79 percent, City Developments added 0.78 percent, United Overseas Bank collected 0.72 percent, Comfort DelGro gained 0.69 percent, Ascendas REIT shed 0.62 percent, CapitaLand Commercial Trust rose 0.61 percent, Singapore Airlines increased 0.57 percent, Keppel Corp was up 0.44 percent, CapitaLand lost 0.36 percent and Dairy Farm International Holdings, Genting Singapore, SingTel and Singapore Press Holdings were unchanged.

The lead from Wall Street is uninspired after stocks opened higher on Friday but faded as the day progressed, eventually ending mixed.

The Dow added 112.11 points or 0.39 percent to finish at 28,606.31, while the NASDAQ sank 42.34 points or 0.36 percent to end at 11,671.56 and the S&P 500 rose 0.47 points or 0.01 percent to close at 3,483.81. For the week, the Dow rose 0.1 percent, the NASDAQ gained 0.8 percent and the S&P was up 0.2 percent.

The late-day pullback on Wall Street reflected lingering uncertainty about a new stimulus bill, with the slump also being attributed to the expiration of equity options.

The rally in early trading came as better than expected retail sales data tempered concerns the economic recovery may be stalling. Also, the University of Michigan reported a bigger than expected improvement in consumer sentiment in October.

Buying interest was also generated after Pfizer (PFE) Chairman and CEO Albert Bourla said the drug giant will apply for emergency use of the Covid-19 vaccine it is developing with BioNTech (BNTX) soon after the safety milestone is achieved in the third week of November.

Crude oil prices ended marginally lower on Friday as worries about the demand outlook amid the continued surge in coronavirus cases weighed on the commodity. West Texas Intermediate Crude oil futures for November ended down $0.08 or 0.2 percent at $40.88 a barrel.

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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