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Singapore Shares Expected To See Renewed Consolidation

(RTTNews) - The Singapore stock market bounced higher again on Friday, one session after it had ended the two-day winning streak in which it had risen more than 15 points or 0.4. The Straits Times Index now rests just above the 3,375-point plateau although it's looking at a soft start on Monday.

The global forecast for the Asian markets is soft on geopolitical concerns and the ever-changing outlook for interest rates. The European markets were up and the U.S. markets were down and the Asian bourses figure to follow the latter lead.

The STI finished modestly higher on Friday following gains from the financials and mixed performances from the industrials and plantations.

For the day, the index rose 16.91 points or 0.50 percent to finish at 3,377.96 after trading between 3,365.60 and 3,379.50. Volume was 1.48 billion shares worth 1.11 billion Singapore dollars. There were 244 gainers and 168 decliners.

Among the actives, SATS plummeted 6.02 percent, Venture Corporation surged 3.32 percent, Hutchison Port Holdings tumbled 2.17 percent, Singapore Airlines soared 1.26 percent, DBS Group spiked 1.18 percent, CapitaLand Mall Trust skidded 1.12 percent, United Overseas Bank jumped 1.05 percent, Oversea-Chinese Banking Corporation collected 0.87 percent, CapitaLand climbed 0.83 percent, Wilmar International gathered 0.77 percent, Yangzijiang Shipbuilding perked 0.66 percent, Thai Beverage advanced 0.59 percent, SingTel added 0.57 percent, Singapore Exchange gained 0.50 percent, SembCorp Industries shed 0.41 percent, Keppel Corp lost 0.30 percent and Comfort DelGro, Genting Singapore, Ascendas REIT, CapitaLand Commercial Trust, Golden Agri-Resources and Singapore Press Holdings all were unchanged.

The lead from Wall Street is negative as stocks opened higher on Friday but fell into the red as the day progressed and finished in negative territory.

The Dow shed 68.80 points or 0.25 percent to finish at 27,154.20, while the NASDAQ lost 60.75 points or 0.74 percent to 8,146.49 and the S&P 500 fell 18.50 points or 0.62 percent to 2,976.61. For the week, the Dow lost 0.7 percent and the S&P 500 and NASDAQ both dropped 1.2 percent.

The initial strength in Wall Street followed upbeat earnings news from Microsoft (MSFT), as the software giant reported fiscal Q4 results that beat estimates on both the top and bottom lines.

Buying interest waned however, when the New York Federal Reserve tried to walk back comments President John Williams made Thursday that seemed to endorse a near-term interest rate cut.

Crude oil prices moved up Friday on rising tensions in the Middle East after the U.S. Navy shot down an Iranian drone in the Strait of Hormuz. West Texas Intermediate Crude oil futures for August ended up $0.33 or 0.6 percent at $55.63 a barrel. For the week, crude oil futures lost more than 7 percent on demand concerns.
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