January 22, 2021

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Singapore Stock Market May End Losing Streak

2 min read

The Singapore stock market has moved lower in two straight sessions, sinking almost 15 points or 0.5 percent along the way. The Straits Times Index now rests just above the 2,855-point plateau although it’s predicted to find traction on Monday.

The global forecast for the Asian markets is positive on optimism for a coronavirus vaccine. The European and U.S. markets were up on Friday and the Asian markets are tipped to open in similar fashion.

The STI finished slightly lower on Friday following mixed performances from the financial shares, property stocks and industrial issues.

For the day, the index eased 1.66 points or 0.06 percent to finish at 2,855.82 after trading between 2,845.16 and 2,866.34. Volume was 1.67 billion shares worth 1.08 billion Singapore dollars. There were 240 gainers and 187 decliners.

Among the actives, Dairy Farm International plummeted 3.54 percent, while SembCorp Industries surged 2.17 percent, Yangzijiang Shipbuilding tumbled 1.08 percent, SATS soared 0.95 percent, Singapore Press Holdings skidded 0.81 percent, Oversea-Chinese Banking Corporation spiked 0.79 percent, Singapore Technologies jumped 0.75 percent, DBS Group collected 0.71 percent, Wilmar International sank 0.69 percent, Thai Beverage climbed 0.67 percent, Ascendas REIT dropped 0.66 percent, Genting Singapore shed 0.59 percent, Comfort DelGro lost 0.58 percent, Mapletree Logistics Trust fell 0.51 percent, SingTel slid 0.41 percent, City Developments added 0.38 percent, CapitaLand gained 0.32 percent, Singapore Exchange rose 0.22 percent, Keppel Corp was up 0.19 percent, United Overseas Bank eased 0.04 percent and CapitaLand Integrated Commercial Trust, Mapletree Commercial Trust, CapitaLand Commercial Trust and Singapore Airlines were unchanged.

The lead from Wall Street is upbeat as stocks opened higher on Friday and stayed mostly in the green throughout the shortened session, although the Dow slipped briefly into the red before rebounding.

The Dow rose 37.90 points or 0.13 percent to finish at 29.910.37, while the NASDAQ climbed 111.44 points or 0.92 percent to 12,205.85 and the S&P 500 added 8.70 points or 0.24 percent to close at 3,638.35. For the week, the Dow added 2.2 percent, the NASDAQ gained 3 percent and the S&P rose 2.3 percent.

Optimism about a potential coronavirus vaccine has contributed to recent strength on Wall Street, although some questions have been raised about the efficacy of the vaccine being developed by Oxford University and AstraZeneca.

Nonetheless, overall trading activity was subdued in the shortened trading session, as many traders remained away from their desks following Thursday’s Thanksgiving holiday.

Crude oil futures settled lower on Friday but still managed to post a strong weekly gain. Rising optimism about coronavirus vaccine raised hopes that global energy demand will pick up and lifted crude oil prices in recent sessions. West Texas Intermediate Crude oil futures for January fell $0.18 or 0.4 percent at $45.53 a barrel. WTI crude oil futures gained 8 percent for the week.

Closer to home, Singapore will see October numbers for bank lending later today; in September, lending was at SGD677.5 billion.

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Market Analysis

2020-11-29 19:03:31

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