Singapore Stock Market May Stop The Bleeding On Monday

(RTTNews) - The Singapore stock market has tracked lower in three straight sessions, stumbling more than 35 points or 1 percent along the way. The Straits Times Index now rests just above the 3,425-point plateau although it's due for traction 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 solidly higher and the Asian bourses are expected to follow that lead.

The STI finished slightly lower on Friday as losses from the financials were mitigated by support from the industrial companies.

For the day, the index fell 3.98 points or 0.12 percent to finish at 3,426.47 after trading between 3,416.61 and 3,434.97.

Among the actives, CapitaLand Investment climbed 1.12 percent, while City Developments was up 0.19 percent, Comfort DelGro improved 0.72 percent, DBS Group dropped 0.82 percent, Genting Singapore added 0.60 percent, Hongkong Land rallied 1.20 percent, Keppel DC REIT lost 0.52 percent, Keppel Ltd jumped 1.39 percent, Mapletree Pan Asia Commercial Trust advanced 0.79 percent, Mapletree Industrial Trust gained 0.44 percent, Mapletree Logistics Trust tumbled 1.52 percent, Oversea-Chinese Banking Corporation sank 0.81 percent, SATS plunged 2,18 percent, Seatrium Limited surged 2.04 percent, Singapore Technologies Engineering perked 0.23 percent, SingTel rose 0.33 percent, Yangzijiang Shipbuilding skyrocketed 8.33 percent and Thai Beverage, Wilmar International, Yangzijiang Financial, CapitaLand Integrated Commercial Trust, SembCorp Industries, Emperador and Frasers Logistics & Commercial Trust were unchanged.

The lead from Wall Street is broadly positive as the major averages opened higher on Friday and remained in the green throughout the trading day.

The Dow surged 654.27 points or 1.64 percent to finish at 40,589.34, while the NASDAQ rallied 176.16 points or 1.03 percent and the S&P 500 gained 59.88 points or 1.11 percent.

For the week, the Dow added 0.8 percent, the NASDAQ slumped 2.1 percent and the S&P fell 0.8 percent.

The strength on Wall Street came as the release of closely watched inflation data by the Commerce Department added to confidence about an interest rate cut by the Federal Reserve in September.

The University of Michigan also released revised data showing consumer sentiment in the U.S. deteriorated less than previously estimated in July.

Oil prices fell on Friday amid concerns about the outlook for demand due to the economic slowdown in China, while hopes for a ceasefire in Gaza also weighed. West Texas Intermediate Crude oil futures for September ended down $1.12 or 1.4 percent at $77.16 a barrel. WTI crude futures lost 1.9 percent in the week.