(RTTNews) – The Singapore stock market has alternated between positive and negative finishes through the last seven sessions since the end of the two-day winning streak in which it had surged more than 270 points or 12 percent. The Straits Times Index now rests just beneath the 2,390-point plateau and it’s expected to extend its losses on Monday.
The global forecast for the Asian markets is broadly negative thanks to ever-increasing coronavirus concerns and an expected tumble in crude oil prices. The European and U.S. markets were down on Friday and the Asian markets figure to follow suit.
The STI finished sharply lower on Friday following losses from the financial shares, property stocks and industrial issues.
For the day, the index tumbled 63.74 points or 2.60 percent to finish at 2,389.29 after trading between 2,380.84 and 2,454.79. Volume was 1.6 billion shares worth 1.55 billion Singapore dollars. There were 333 decliners and 113 gainers.
Among the actives, Mapletree Commercial Trust cratered 7.41 percent, while CapitaLand Commercial Trust plummeted 6.99 percent, CapitaLand Mall Trust plunged 6.17 percent, Wilmar International tanked 5.99 percent, Ascendas REIT tumbled 5.26 percent, Singapore Press holdings skidded 4.82 percent, Thai Beverage retreated 4.00 percent, Singapore Technologies Engineering declined 3.93 percent, CapitaLand sank 3.32 percent, SembCorp Industries dropped 3.23 percent, United Overseas Bank shed 2.94 percent, Oversea-Chinese Banking Corporation lost 2.90 percent, Comfort DelGro fell 2.72 percent, DBS Group slid 2.66 percent, Keppel Corp dipped 2.54 percent, Yangzijiang Shipbuilding slipped 2.30 percent, Singapore Exchange and Genting Singapore both were down 2.26 percent, SingTel eased 1.53 percent and Mapletree Logistics Trust added 0.67 percent.
The lead from Wall Street is weak as stocks opened lower on Friday and moved deeper into negative territory as the day progressed.
The Dow shed 360.91 points or 1.69 percent to finish at 21,052.53, while the NASDAQ lost 114.23 points or 1.53 percent to 7,373.08 and the S&P 500 fell 38.25 points or 1.51 percent to 2,488.65. For the week, the Dow lost 2.7 percent, the NASDAQ fell 1.7 percent and the S&P sank 2.1 percent.
The weakness on Wall Street came after a Labor Department report showed that employment in the U.S. fell much more than expected in March – sending the jobless rate up to 4.4 percent from 3.5 percent in February.
Crude oil prices rose sharply on Friday, climbing for a second straight day on rising hopes of deep production cuts by major oil producers. West Texas Intermediate Crude oil futures for May ended up $3.02 or 12 percent at $28.34 a barrel.
OPEC was supposed to meet today in a conference that would have included Russia and Saudi Arabia, who are at the center of the current production dispute. But the meeting was postponed by rising tensions between the two, setting up crude for heavy losses today.
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