Markets

Singapore Stock Market May Snap Losing Streak On Monday

(RTTNews) - The Singapore stock market has finished lower in two straight sessions, sinking more than 30 points or 1.1 percent along the way. The Straits Times Index now rests just beneath the 2,620-point plateau although it may find traction on Monday.

The global forecast for the Asian markets is mixed to higher, with optimism for economic recovery tempered by renewed coronavirus concerns. The European and U.S. markets were mixed and the Asian bourses figure to follow suit.

The STI finished slightly lower on Friday as losses from the financials and properties were mitigated by support from the industrials.

For the day, the index slid 5.19 points or 0.20 percent to finish at the daily low of 2,618.48 after peaking at 2,640.38. There were 241 gainers and 189 decliners.

Among the actives, Mapletree Logistics Trust surged 2.51 percent, SATS soared 1.75 percent, Singapore Press Holdings plummeted 1.64 percent, Comfort DelGro plunged 1.38 percent, DBS Group tanked 1.02 percent, Hongkong Land Holdings spiked 1.01 percent, Singapore Exchange jumped 0.97 percent, Singapore Technologies Engineering climbed 0.92 percent, Thai Beverage tumbled 0.74 percent, Keppel Corp skidded 0.67 percent, Genting Singapore advanced 0.65 percent, Ascendas REIT retreated 0.60 percent, Singapore Airlines declined 0.54 percent, Yangzijiang Shipbuilding added 0.53 percent, United Overseas Bank and Dairy Farm International both sank 0.44 percent, SingTel gained 0.40 percent, Wilmar International rose 0.23 percent, City Developments eased 0.12 percent and CapitaLand Mall Trust, Mapletree Commercial Trust, SembCorp Industries, Oversea-Chinese Banking Corporation, CapitaLand and CapitaLand Commercial Trust all were unchanged.

The lead from Wall Street offers little clarity as stocks showed a lack of direction on Friday, bouncing back and forth across the unchanged line before closing mixed.

The Dow shed 62.76 points or 0.23 percent to finish at 26,671.95, while the NASDAQ added 29.36 points or 0.28 percent to end at 10,503.19 and the S&P 500 rose 9.16 points or 0.28 percent to close at 3,224.73. For the week, the Dow added 2.3 percent, the NASDAQ sank 1.1 percent and the S&P rose 1.2 percent.

The U.S. saw a record 77,255 new coronavirus cases on Thursday, according to data compiled by Johns Hopkins University. Reflecting the widespread resurgence of the coronavirus, the University of Michigan reported an unexpected deterioration in U.S. consumer sentiment in July.

A steep drop by shares of Netflix (NFLX) also weighed on the markets, with the video streaming giant plunging by 6.5 percent after reporting Q2 earnings that missed estimates and forecast weaker than expected subscriber growth.

Crude oil prices edged lower Friday, weighed by concerns about the outlook for near-term energy demand due to the surge in new coronavirus cases. West Texas Intermediate Crude oil futures for August ended down $0.16 or 0.4 percent at $40.59 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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