Continued Consolidation Called For Singapore Stock Market

On Friday, the Singapore stock market ended the two-day winning streak in which it gained nearly 20 points or 0.6%. The Straits Times index is now just above the plateau of 3,245 points and it could take further damage on Monday.

The global forecast for Asia markets is mixed on the downside due to fears of an economic slowdown and rising interest rates. European markets were mixed and US stock markets were down sharply and Asian markets figured to share the difference.

The STI ended slightly lower on Friday after losses in financials and real estate stocks and a mixed picture from industrials.

For the day, the index fell 26.97 points or 0.82% to end at 3,246.51 after trading between 3,240.05 and 3,271.95. The volume was 1.3 billion shares worth S$989 million. There were 264 rejections and 214 winners.

Among assets, Ascendas REIT slipped 0.67%, while CapitaLand Integrated Commercial Trust fell 0.94%, CapitaLand Investment stumbled 0.77%, City Developments fell 1.42%, Comfort DelGro and Singapore Technologies Engineering both lost 0.51%, DBS Group lost 1.23%, Genting Singapore. fell 0.62%, Keppel Corp fell 1.41%, Mapletree Pan Asia Commercial Trust climbed 1.04%, Mapletree Logistics Trust fell 0.56%, Oversea-Chinese Banking Corporation fell 1.45%, SATS fell 0.96%, SembCorp Industries lost 0.31%, Singapore Exchange rose 0.10%, SingTel fell 1.48%, Thai Beverage fell 0.76 %, United Overseas Bank weakened 0.74%, Wilmar International gained 0.24%, Yangzijiang Shipbuilding jumped 1.06% and Mapletree Industrial Trust, Hongkong Land and Yangzijiang Financial were unchanged.

Wall Street’s advance is broadly negative as major averages opened sharply lower on Friday and remained deep in the red throughout the session.

The Dow Jones fell 292.26 points or 0.86% to end at 33,706.74, while the NASDAQ fell 260.08 points or 2.01% to close at 12,705.21 and the S&P 500 rose. fell 55.26 points or 1.29% to end at 4,228.48. For the week, the NASDAQ plunged 2.6%, the S&P fell 1.2% and the Dow Jones 0.2%.

Wall Street’s weakness came as traders looked to take advantage of recent strength in markets, which lifted major averages well past their June lows to their best levels in nearly four months.

Traders may also have pulled money out of stocks ahead of this week’s economic symposium in Jackson Hole, Wyoming. Remarks from Federal Reserve officials at the annual symposium are likely to be the focus as traders look for additional clues on the pace of future interest rate hikes.

Oil futures rose slightly on Friday but posted a weekly loss on worries about the outlook for energy demand amid fears of a possible recession in Europe. West Texas Intermediate crude oil futures for September rose $0.27 or 0.3% to $90.77 a barrel.

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