Bargain Hunting May Lift Singapore Stock Market

(RTTNews) - The Singapore stock market has finished lower in three straight sessions, giving up more than 35 points or 0.8 percent in that span. The Straits Times Index now sits just above the 4,265-point plateau although it's expected to open to the upside on Monday.

The global forecast for the Asian markets is upbeat on an improved outlook for interest rates. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.

The STI finished slightly lower on Friday following losses from the industrials and mixed performances from the financial shares and properties.

For the day, the index dipped 7.88 points or 0.18 percent to finish at the daily low of 4,265.98 after peaking at 4,291.25.

Among the actives, CapitaLand Ascendas REIT slid 0.36 percent, while City Developments added 0.44 percent, Comfort DelGro retreated 1.35 percent, DBS Group rose 0.04 percent, Genting Singapore declined 1.33 percent, Hongkong Land shed 0.79 percent, Keppel DC REIT slipped 0.42 percent, Keppel Ltd fell 0.45 percent, Mapletree Industrial Trust lost 0.47 percent, Mapletree Logistics Trust sank 0.80 percent, Oversea-Chinese Banking Corporation eased 0.06 percent, SATS stumbled 1.76 percent, Seatrium Limited tanked 1.65 percent, SembCorp Industries was down 0.33 percent, Singapore Technologies Engineering gained 0.36 percent, SingTel dipped 0.23 percent, Thai Beverage skidded 1.08 percent, United Overseas Bank collected 0.09 percent, Wilmar International tumbled 1.38 percent, Yangzijiang Financial dropped 0.84 percent, Yangzijiang Shipbuilding slumped 1.20 percent and CapitaLand Integrated Commercial Trust, CapitaLand Investment, Mapletree Pan Asia Commercial Trust, DFI Retail Group, UOL Group and Frasers Centrepoint Trust were unchanged.

The lead from Wall Street is positive as the major averages opened higher on Friday and spent most of the day in the green.

The Dow jumped 299.97 points or 0.65 percent to finish at 46,247.29, while the NASDAQ advanced 99.37 points or 0.44 percent to close at 22,484.07 and the S&P 500 gained 38.98 points or 0.59 percent to end at 6,643.70.

For the week, the NASDAQ slid 0.7 percent, the S&P fell 0.3 percent and the Dow dipped 0.2 percent.

The strength on Wall Street reflected a positive reaction to a closely watched Commerce Department report showing consumer prices rose in line with economist estimates in August.

The data helped increase confidence that the Federal Reserve will continue lowering interest rates in the coming months.

Crude oil prices advanced on Friday as Russia restricted fuel exports by introducing a partial ban on diesel exports until the end of 2025. West Texas Intermediate crude for November delivery was up $0.59 or 0.91 percent at $65.57 per barrel.