(RTTNews) – The Singapore stock market has moved lower in two straight sessions, falling almost 90 points or 1.8 percent along the way. The Straits Times Index now sits just beneath the 5,050-point plateau and it’s tipped to open under pressure again on Monday.
The global forecast for the Asian markets is broadly negative with heavy pressure likely among technology companies. The European and U.S. markets were down and the Asian bourses are expected to follow that lead.
The STI finished modestly lower on Friday following losses from the financial shares, property stocks and industrial issues.
For the day, the index fell 17.57 points or 0.35 percent to finish at 5,049.96 after trading between 5,041.58 and 5,084.00.
Among the actives, CapitaLand Ascendas REIT tumbled 1.20 percent, while CapitaLand Investment lost 0.40 percent, City Developments fell 0.36 percent, DBS Group sank 0.56 percent, DFI Retail Group retreated 1.03 percent, Hongkong Land rose 0.27 percent, Keppel DC REIT advanced 0.88 percent, Keppel Ltd slumped 0.66 percent, Mapletree Industrial Trust added 0.52 percent, Mapletree Logistics Trust declined 0.84 percent, Oversea-Chinese Banking Corporation was down 0.25 percent, Seatrium Limited shed 0.49 percent, SembCorp Industries plunged 1.29 percent, Singapore Airlines stumbled 1.13 percent, Singapore Exchange dropped 0.64 percent, Singapore Technologies Engineering tanked 1.18 percent, SingTel skidded 0.69 percent, Thai Beverage climbed 1.18 percent, United Overseas Bank collected 0.63 percent, UOL Group dipped 0.20 percent, Wilmar International cratered 1.72 percent, Yangzijiang Shipbuilding rallied 2.31 percent and CapitaLand Integrated Commercial Trust, Genting Singapore, Mapletree Pan Asia Commercial Trust, SATS and Frasers Centrepoint Trust were unchanged.
The lead from Wall Street is brutal as the major averages opened lower on Friday and accelerated deeper into the red throughout the day, ending at session lows.
The Dow plunged 695.15 points or 1.35 percent to finish at 50,866.78, while the NASDAQ cratered 1,121.53 points or 4.18 percent to close at 25,709.43 and the S&P 500 tumbled 200.57 points or 2.64 percent to end at 7,383.74.
For the week, the NASDAQ plummeted 4.7 percent, the S&P 500 dove 2.9 percent and the Dow dipped 0.3 percent.
The sell-off on Wall Street came as technology stocks remained under pressure amid concerns about valuations.
Profit taking also contributed to the substantial weakness following recent strength in the markets, which lifted them to record closing highs.
A sharp increase by treasury yields also weighed on Wall Street, with yields surging following the release of stronger than expected U.S. jobs data.
Crude oil prices slumped on Friday on optimism that the Strait of Hormuz may re-open in the coming days. West Texas Intermediate crude for July delivery was down $2.97 or 2.97 percent at $90.07 per barrel.
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