Singapore Shares May Run Out Of Steam On Monday

(RTTNews) - The Singapore stock market has moved higher in six straight sessions, gathering almost 110 points or 2.1 percent to a fresh record closing high. The Straight Times Index now sits just beneath the 4,850-point plateau although it may be stuck in neutral on Monday.

The global forecast is soft amidst ambiguity over the outlook for interest rates and ongoing geopolitical issues. The European and U.S. markets were slightly lower and the Asian bourses are expected to follow that lead.

The STI finished modestly higher again on Friday following gains from the financial shares and property stocks and a mixed picture from the industrial issues.

For the day, the index added 15.76 points or 0.33 percent to finish at the daily high of 4,849.10 after trading as low as 4,828.15.

Among the actives, CapitaLand Ascendas REIT added 0.70 percent, while City Developments surged 2.35 percent, DBS Group rose 0.39 percent, DFI Retail Group tumbled 1.50 percent, Hongkong Land gained 0.61 percent, Keppel Ltd spiked 1.02 percent, Mapletree Logistics Trust advanced 0.74 percent, Oversea-Chinese Banking Corporation collected 0.34 percent, SATS slumped 1.28 percent, Seatrium Limited and Yangzijiang Shipbuilding both stumbled 2.18 percent, SembCorp Industries soared 2.34 percent, Singapore Airlines fell 0.16 percent, Singapore Exchange perked 0.17 percent, Singapore Technologies Engineering improved 0.73 percent, United Overseas Bank jumped 0.93 percent, UOL Group rallied 1.00 percent, Wilmar International sank 0.31 percent and Mapletree Pan Asia Commercial Trust, Mapletree Industrial Trust, CapitaLand Integrated Commercial Trust, CapitaLand Investment, SingTel, Thai Beverage, Keppel DC REIT, Genting Singapore and Frasers Logistics & Commercial Trust were unchanged.

The lead from Wall Street is weak as the major averages opened higher on Friday but quickly faded, hugging both sides of the line before ending slightly lower.

The Dow shed 83.07 points or 0.17 percent to finish at 49,359.33, while the NASDAQ slipped 14.61 points or 0.06 percent to close at 23,515.39 and the S&P 500 fell 4.46 points or 0.06 percent to end at 6,940.01. For the week, the NASDAQ slid 0.7 percent, the S&P dipped 0.4 percent and the Dow eased 0.03 percent.

The choppy trading on Wall Street followed remarks from President Donald Trump suggesting National Economic Council Director Kevin Hassett may not be his choice to become the next Federal Reserve chair.

Hassett had been seen as the frontrunner to replace Fed Chair Jerome Powell, whose term expires in May, but predictions now show former Fed Governor Kevin Warsh has surged into the lead following Trump's remarks - causing some uncertainty about the outlook for interest rates.

Trump's threats to take control of Greenland continue to attract attention, with the president suggesting he may impose tariffs on countries that don't go along with his plans for the territory.

Crude oil moved higher on Friday as traders weighed the continuing risks after reports that the U.S. is consolidating its forces in the Middle East. West Texas Intermediate crude for February delivery was up $0.40 or 0.68 percent at $59.59 per barrel.