Singapore Stock Market May Test Support At 5,400 Points

RTTNews | 5 hari yang lalu

(RTTNews) - The Singapore stock market on Friday ended the two-day slide in which it had fallen almost 30 points or 0.6 percent. The STI now sits just above the 5,415-point plateau although it may see renewed selling pressure on Monday.

The global forecast for the Asian markets is negative on rising oil prices and heavy pressure on technology stocks. The European markets were up and the U.S. bourses were down and the Asian markets are tipped to follow the latter lead.

The STI finished slightly higher on Friday following gains from the REITs, weakness from the technology and agricultural stocks and a mixed picture from the financial sector.

For the day, the index rose 12.03 points or 0.22 percent to finish at 5,415.53 after trading between 5,401.25 and 5,450.18.

The lead from Wall Street is weak as the major averages opened mixed on Friday but trended lower throughout the session, finishing near daily lows.

The Dow dropped 175.29 points or 0.34 percent to finish at 52,002.41, while the NASDAQ plunged 572.97 points or 2.14 percent to close at 26,140.03 and the S&P 500 sank 84.62 points or 1.09 percent to end at 7,659.44. For the week, the Dow rose 0.7 percent, the NASDAQ plunged 4.5 percent and the S&P lost 2 percent.

A renewed sell-off among technology stocks weighed on the NASDAQ amid concerns about debt-fueled AI infrastructure spending. Computer hardware stocks again turned in some of the tech sector's worst performances, with the NYSE Arca Computer Hardware Index sinking 5.4 percent to a two-month closing low.

Adding to the negative sentiment, crude oil prices rallied again on Friday, surging above $100 a barrel for the first time in a month as Iran re-escalated its attacks in the Strait of Hormuz. West Texas Intermediate crude for November delivery spiked $3.33 or 3.4 percent to $101.30 a barrel.

In economic news, the Federal Reserve said industrial production in the U.S. increased by more than expected in September, rising 0.7 percent following a revised 0.1 percent uptick in August.

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EURUSD	1.1202	GBPUSD	1.3372
USDJPY	156.819	USDCAD	1.39976