Rebound likely for Singapore stock market

(RTTNews) – The Singapore stock market snapped a two-day winning streak on Friday in which it had climbed more than 30 points or 1%. The Straits Times index is now just above the 3,300-point plateau, although it is likely to rebound again on Monday.

The global forecast for Asian markets is bullish on optimism for economic growth and lower inflation. European and US markets were firmly higher on Friday and Asian exchanges are expected to open similarly.

The STI ended slightly lower on Friday after losses in financial stocks, real estate stocks and industrials issues.

For the day, the index fell 32.69 points or 0.99% to end at 3,269.27 after trading between 3,266.17 and 3,289.50. The volume was 1.46 billion shares worth S$1.1 billion. There were 271 rejections and 220 winners.

Among assets, CapitaLand Integrated Commercial Trust gained 0.47%, while CapitaLand Investment fell 1.28%, City Developments climbed 1.21%, DBS Group fell 0.36%, Genting Singapore fell 1.20%, Hongkong Land fell 1.78%, Keppel Corp lost 0.43%, Mapletree Pan Asia Commercial Trust slipped 0.52%, Mapletree Industrial Trust lost 0.37%, Mapletree Logistics Trust was down 1.11%, Oversea-Chinese Banking Corporation was down 0.08%, SATS was down 0.98%, Singapore Exchange was down 0.51%, Singapore Technologies Engineering was down 0, 25%, Thai Beverages fell 3.68%, United Overseas Bank fell 0.33%, Wilmar International sank 0.48%, Yangzijiang Shipbuilding fell 1.54% and Yangzijiang Financial, Ascendas REIT , SembCorp Industries, SingTel and Comfort DelGro remained unchanged.

Wall Street’s advance is broadly positive as major averages opened higher on Friday and accelerated as the session progressed, ending near daily highs.

The Dow Jones jumped 424/35 points or 1.27% to end at 33,761.05, while the NASDAQ jumped 267.29 points or 2.09% to end at 13,047.19 and the S&P 500 jumped 72.88 points or 1.73% to close at 4,280.15.

For the week, the S&P 500 climbed 3.3% for its fourth straight weekly gain, while the NASDAQ climbed 3.1% and the Dow Jones 2.9%.

Optimism that inflation has peaked contributed to continued strength on Wall Street after softer-than-expected readings last week on consumer and producer prices.

Adding to positive inflation sentiment, the Labor Department said U.S. import prices fell more than expected in July. Buyer interest was also generated by a report from the University of Michigan showing that US consumer sentiment improved much more than expected in August.

Crude oil prices fell sharply on Friday after the Organization of the Petroleum Exporting Countries (OPEC) lowered its oil demand forecast for 2022. West Texas Intermediate crude oil futures for September ended lower $2.25 or 2.4% to $92.09 per barrel. For the week, WIT was up 3.5%.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.