(RTTNews) – The Singapore stock market has moved higher in seven straight sessions, soaring more than 180 points or 5.5 percent along the way. Now at a fresh 30-month closing high, the Straits Times Index sits just beneath the 3,430-point plateau although it’s expected to run out of steam on Monday.
The global forecast for the Asian markets is soft on growing concerns over a possible Russian invasion on Ukraine. The European and U.S. markets were down and the Asian bourses are expected to open in similar fashion.
The STI finished barely higher on Friday as gains from the financials were offset by weakness from the industrials and properties.
For the day, the index rose 0.95 points or 0.03 percent to finish at 3,428.95 after trading between 3,411.87 and 3,438.07.
Among the actives, Ascendas REIT sank 0.69 percent, while City Developments tumbled 1.23 percent, Comfort DelGro advanced 0.69 percent, Dairy Farm International plummeted 2.07 percent, DBS Group climbed 1.09 percent, Hongkong Land plunged 1.92 percent, Keppel Corp added 0.50 percent, Mapletree Commercial Trust shed 0.54 percent, Mapletree Logistics Trust tanked 1.69 percent, Oversea-Chinese Banking Corporation collected 0.68 percent, SATS rose 0.25 percent, SembCorp Industries lost 0.41 percent, Singapore Airlines and Thai Beverage both retreated 0.75 percent, Singapore Exchange dropped 0.61 percent, Singapore Technologies Engineering gained 0.26 percent, United Overseas Bank was up 0.18 percent, Yangzijiang Shipbuilding skidded 0.71 percent and Wilmar International, Genting Singapore, CapitaLand Integrated Commercial Trust, SingTel and Singapore Press Holdings were unchanged.
The lead from Wall Street is broadly negative as the major averages shook off a slightly higher open on Friday, accelerated quickly lower and finished deep in the red.
The Dow sank 503.54 points or 1.43 percent to finish at 34,738.06, while the NASDAQ plunged 394.45 points or 2.78 percent to close at 13,791.15 and the S&P 500 tumbled 85.44 points or 1.90 percent to end at 4,418.64. For the week, the Dow shed 1 percent, the NASDAQ dropped 2.2 percent and the S&P fell 1.8 percent.
The substantial weakness that emerged on Wall Street came amid concerns about a potential Russian invasion of Ukraine, which officials believe could happen any time now.
Earlier in the day, uncertainty about the outlook for interest rates led to choppy trading on speculation that the Federal Reserve could raise interest rates by a full percentage point by July, including a possible 50-basis point hike in March.
Oil prices rose sharply on Friday following a report from the International Energy Agency that said oil production from OPEC was significantly below target in January. West Texas Intermediate Crude oil futures for March ended higher by $3.22 or 3.6 percent at $93.10 a barrel, a fresh seven-year closing high.
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