Losing Streak Likely To Continue For Singapore Bourse
(RTTNews.com) - The Singapore stock market has moved lower in back-to-back trading days, sliding almost 40 points or 1.2 percent along the way. The Straits Times Index now rests just beneath the 3,285-point plateau and it may extend its losses on Monday.
The global forecast for the Asian markets is negative, largely on trade and geopolitical concerns. The European and U.S. markets were down on Friday and the Asian bourses figure to open in similar fashion.
The STI finished sharply lower on Friday following losses from the financial shares, property stocks and industrial issues.
For the day, the index tumbled 41.96 points or 1.26 percent to finish at 3,284.78 after trading between 3,273.57 and 3,296.08. Volume was 1.82 billion shares worth 1.43 billion Singapore dollars. There were 247 decliners and 165 gainers.
Among the actives, Keppel Corp plummeted 2.89 percent, while Thai Beverage plunged 2.70 percent, SingTel fell 1.87 percent, Genting Singapore tumbled 1.79 percent, CapitaLand Commercial Trust and City Developments both skidded 1.72 percent, Oversea-Chinese Banking Corporation dropped 1.67 percent, DBS Group retreated 1.58 percent, United Overseas Bank declined 1.20 percent, Ascendas REIT shed 1.09 percent, SembCorp Industries lost 0.72 percent, Wilmar International slid 0.62 percent, StarHub added 0.59 percent and Hutchison Port Holdings, Golden Agri-Resources, CapitaLand Mall Trust and Yangzijiang Shipbuilding all were unchanged.
The lead from Wall Street is soft as stocks moved lower on Friday after closing mixed in the previous two sessions.
The Dow slid 196.09 points or 0.77 percent to 25,313.14, the NASDAQ fell 52.67 points or 0.67 percent to 7,839.11 and the S&P 500 dropped 20.30 points or 0.71 percent to 2,833.28.
The weakness came amid concerns about rising tensions between the U.S. and Turkey due to the Turkish detention of U.S. pastor Andrew Brunson. The Turkish lira has plummeted to a record low, contributing to weakness in the overseas markets.
In economic news, the Labor Department noted a modest increase in consumer prices in July - while core consumer prices also edged higher.
Crude oil prices climbed higher on Friday, lifted by International Energy Agency's forecast that world oil demand will increase next year. Crude oil futures for September delivery ended up $0.82 or 1.3 percent at $67.63 a barrel.
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