Singapore Bourse Expected To Be Rangebound

(RTTNews) - The Singapore stock market has finished higher in back-to-back trading days, gathering almost 20 points or 0.6 percent along the way. The Straits Times Index now rests just above the 3,200-point plateau and it's looking at another fairly flat lead again on Monday.

The global forecast for the Asian markets is mixed and flat, with trade concerns offset by bargain hunting. The European markets were down and the U.S. bourses were little changed and the Asian markets figure to follow the latter lead.

The STI finished slightly higher on Friday as gains from the industrials were capped by mixed performances from the properties and weakness from the plantations and financials.

For the day, the index added 1.40 points or 0.04 percent to finish at 3,202.04 after trading between 3,177.91 and 3,205.25. Volume was 1.19 billion shares worth 965.41 million Singapore dollars. There were 222 decliners and 150 gainers.

Among the actives, Thai Beverage plummeted 2.04 percent, while Golden Agri-Resources plunged 1.96 percent, Yangzijiang Shipbuilding spiked 1.40 percent, CapitaLand Mall Trust jumped 1.27 percent, Genting Singapore climbed 0.91 percent, Wilmar International and CapitaLand both tumbled 0.90 percent, Comfort DelGro skidded 0.85 percent, Keppel Corp advanced 0.67 percent, CapitaLand Commercial Trust perked 0.53 percent, Ascendas REIT gathered 0.36 percent, SingTel added 0.33 percent, United Overseas Bank dipped 0.16 percent, DBS Group lost 0.12 percent, Oversea-Chinese Banking Corporation eased 0.09 percent and Hutchison Port Holdings and SembCorp Industries were unchanged.

The lead from Wall Street offers little clarity as stocks fell under pressure early on Friday but recovered later in the day to end mixed and little changed.

The Dow shed 63.20 points or 0.25 percent to 25,106.33, while the NASDAQ added 9.85 points or 0.14 percent to 7,298.20 and the S&P 500 rose 1.83 points or 0.07 percent to 2,707.88. For the week, the Dow added 0.2 percent, and the NASDAQ and S&P both gained 0.1 percent.

The early weakness on Wall Street came amid lingering concerns about a potential trade deal between the U.S. and China. Adding to worries, reports suggested the U.S. and China don't even have a draft that specifies where they disagree.

Bargain hunting triggered the recovery later in the session as investors scooped up some of the oversold shares.

Crude oil prices settled slightly higher on Friday, despite concerns about possible drop in energy demand in the near term due to global economic slowdown. West Texas Intermediate crude oil futures for March ended up $0.08 or 0.2 percent at $52.72 a barrel.
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