Markets

Singapore Stock Market May Test Support At 3,100 Points

(RTTNews) - The Singapore stock market has moved lower in two straight sessions, sinking more than 20 points or 0.6 percent along the way. The Straits Times Index now rests just beneath the 3,115-point plateau and it's looking at another uninspired open again on Monday.

The global forecast for the Asian markets is soft, thanks to disappointing economic data and ongoing uncertainty over trade negotiations between the United States and China. The European and U.S. markets were down and the Asian bourses are tipped to follow suit.

The STI finished modestly lower on Friday following losses from the financial shares and industrial issues, while the plantations and properties were mixed.

For the day, the index fell 11.98 points or 0.38 percent to finish at 3,114.16 after trading between 3,108.93 and 3,128.86. Volume was 1.18 billion shares worth 901.80 million Singapore dollars. There were 208 decliners and 150 gainers.

Among the actives, Venture Corporation plummeted 3.94 percent, while Thai Beverage surged 2.86 percent, Golden Agri-Resources plunged 2.38 percent, Keppel Corp tumbled 2.01 percent, Singapore Technologies Engineering skidded 1.51 percent, Genting Singapore retreated 1.08 percent, Yangzijiang Shipbuilding declined 1.05 percent, Oversea-Chinese Banking Corporation dropped 1.01 percent, CapitaLand Commercial Trust jumped 0.98 percent, SembCorp Industries sank 0.95 percent, Singapore Press Holdings climbed 0.94 percent, Wilmar International advanced 0.84 percent, Comfort DelGro shed 0.82 percent, United Overseas Bank lost 0.77 percent, DBS Group fell 0.64 percent, Mapletree Commercial Trust slid 0.42 percent, CapitaLand Mall Trust added 0.38 percent, Ascendas REIT and SingTel both dipped 0.32 percent, Hongkong Land Holdings rose 0.19 percent and Singapore Exchange and CapitaLand were unchanged.

The lead from Wall Street is negative as stocks opened lower on Friday and stayed that way through the session.

The Dow shed 255.68 points or 0.95 percent to end at 26,770.20, the NASDAQ sank 67.31 points or 0.83 percent to 8,089.54 and the S&P 500 fell 11.75 points or 0.39 percent to 2,986.20. For the week, the Dow eased 0.2 percent, the NASDAQ added 0.4 percent and the S&P rose 0.5 percent.

The weakness on Wall Street reflected concerns about the global economic outlook following soft Chinese data that showed its economy grew at the slowest rate in three decades in Q3.

In U.S. economic news, the Conference Board reported an unexpected drop by its reading on leading U.S. economic indicators in September.

Lingering uncertainty about a possible U.S.-China trade deal and questions about the Brexit deal getting through parliament also weighed on the markets.

Crude oil futures dropped Friday as disappointing GDP data from China added to concerns about the outlook for global energy demand. West Texas Intermediate crude oil futures for November eased $0.15 or 0.3 percent at $53.78 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.