The Singapore stock market has experienced a downward trend, closing lower for three consecutive sessions and losing over 35 points, equivalent to approximately 0.8 percent. The Straits Times Index (STI) settled slightly above the 4,265-point threshold, although a positive opening is anticipated for the market on Monday.
Global sentiment towards Asian markets is optimistic, buoyed by a more favorable outlook for interest rates. Both European and U.S. stock markets posted gains, leading expectations that Asian exchanges will follow suit.
On Friday, the STI recorded a modest decline influenced by losses in the industrial sector and varying performances from financial and property stocks. The index dipped by 7.88 points or 0.18 percent, closing at 4,265.98 after reaching a high of 4,291.25 earlier in the day.
Notable movements among stocks included CapitaLand Ascendas REIT, which fell by 0.36 percent, while City Developments saw a slight increase of 0.44 percent. Other active stocks included ComfortDelGro, which retreated by 1.35 percent, and DBS Group, which gained a minimal 0.04 percent. On the decline, Genting Singapore dropped 1.33 percent, while Hongkong Land and Keppel DC REIT saw declines of 0.79 percent and 0.42 percent, respectively. The performance of other stocks was mixed, with SembCorp Industries down 0.33 percent and Singapore Technologies Engineering gaining 0.36 percent. Notably, Thai Beverage and Wilmar International faced losses of 1.08 percent and 1.38 percent, respectively, while CapitaLand Integrated Commercial Trust remained unchanged.
The positive lead from Wall Street, characterized by rising stock indices, contributed to the overall market sentiment. The Dow Jones Industrial Average surged by 299.97 points, or 0.65 percent, finishing at 46,247.29. The NASDAQ and S&P 500 also enjoyed gains, rising by 99.37 points (0.44 percent) and 38.98 points (0.59 percent), respectively, to close at 22,484.07 and 6,643.70.
Despite the positive day, the NASDAQ saw a weekly decline of 0.7 percent, with the S&P and Dow reporting falls of 0.3 percent and 0.2 percent, respectively. This overall slight downturn on Wall Street can be attributed to fluctuating market responses, primarily driven by a Commerce Department report indicating consumer prices matched economists’ estimates for August. The data enhanced confidence that the Federal Reserve may continue to lower interest rates in upcoming months.
In commodities, crude oil prices saw an uptick following Russia’s announcement of restrictions on fuel exports, including a partial ban on diesel exports set to last until the end of 2025. West Texas Intermediate crude for November delivery rose by $0.59, or 0.91 percent, closing at $65.57 per barrel.
