Rebound prediction for Singapore stock market
(RTTNews) — Singapore’s stock market ended a three-day winning streak on Friday in which it collected nearly 40 points, or 1.2 percent. The Straits Times Index is now just above the 3,210-point plateau, although a bounce is expected again on Monday.
The global forecast for Asian markets is bullish on optimism on corporate earnings, as well as support from the energy and technology sectors. European and US markets ended strongly higher and Asian markets are likely to open similarly.
STI remained marginally lower on Friday after financial losses and mixed performance by properties and industries.
For the day, the index slipped 9.09 points, or 0.28 per cent, to 3,211.56 after trading between 3,199.96 and 3,244.29. The volume amounted to 1.29 billion shares worth 1.35 billion Singapore dollars. There were 258 declines and 230 gainers.
Among the active ones, Ascendus REIT rose 0.34 per cent, while CapitaLand Integrated Commercial Trust rose 2.35 per cent, City Developments 0.64 per cent, Comfort Delgro 1.39 per cent, DBS Group 1.10 per cent, Genting Singapore dropped 0.62 per cent, Hong Kong Land dropped 6.79 per cent, Keppel Corp 1.62 per cent, Mapletree Commercial Trust rose 1.06 per cent, Mapletree Logistics Trust 0.57 per cent, Overseas-Chinese Banking Corporation and Sembcorp Industries both gained 0.34 per cent, SATS 1.28 per cent, Singapore Exchange 0.41 per cent, Singapore Technologies Engineering 0.50 per cent. Percentage, Singtel fell 0.38 per cent, Thai Beverages 0.78 per cent, United Overseas Bank 2.51 per cent, Wilmar International 0.74 per cent, Yangjiang Financial 3.66 per cent, Yangjiang Shipbuilding 4.62 per cent and Capitaland Investment and Mapletree Industrial Trust remained unchanged.
Gains from Wall Street are positive as key averages opened higher on Friday and ended near session highs as the day progressed.
The Dow rose 315.53 points, or 0.97 percent, to 32,845.13, while the Nasdaq jumped 228.09 points, or 1.88 percent, to 12,390.69 and the S&P 500 rose 57.86 points, or 1.42 percent, to 4,130.29.
For the week, the NASDAQ climbed 4.7 percent, the S&P 4.3 percent and the Dow 3.0 percent. The three-day rally also closed a strong month for stocks, with key averages posting their best monthly gains since 2020.
Continued strength on Wall Street reflected a positive response to the latest batch of earnings news from big-name companies such as Amazon (AMZN) and tech giant Apple (AAPL) – though others such as Intel (INTC) and Procter & Gamble (PG) People disappointed. ,
Crude oil prices rose sharply after the Energy Information Administration slashed US crude inventories last week. West Texas Intermediate crude futures for September were up $2.20, or 2.3 percent, at $98.62 a barrel. WTI crude futures rose 4.1 per cent in the week but fell 6.8 per cent in the month.
The views and opinions expressed here are the views and opinions of the author and do not necessarily represent those of Nasdaq, Inc.