Singapore Stock Market Tipped To End Losing Streak

(RTTNews) - The Singapore stock market has moved lower in three straight sessions, sinking more than 10 points or 0.3 percent along the way. The Straits Times Index now sits just beneath the 3,210-point plateau although it's looking at a strong lead for Monday's trade.

The global forecast for the Asian markets is upbeat thanks to an apparent resolution to the U.S. debt ceiling crisis forged over the weekend. The European and U.S. markets were up and the Asian bourses are expected to follow suit.

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

For the day, the index eased 0.33 points or 0.01 percent to finish at 3,207.39 after trading between 3,201.00 and 3,213.86.

Among the actives, Ascendas REIT rose 0.37 percent, while CapitaLand Integrated Commercial Trust climbed 1.01 percent, CapitaLand Investment tumbled 1.15 percent, City Developments rallied 1.03 percent, DBS Group perked 0.06 percent, Genting Singapore advanced 0.99 percent, Hongkong Land gained 0.46 percent, Keppel Corp spiked 1.43 percent, Keppel DC REIT surged 2.45 percent, Mapletree Industrial Trust declined 0.88 percent, Mapletree Logistics Trust added 0.61 percent, SATS improved 0.35 percent, Singapore Technologies Engineering jumped 1.08 percent, SingTel plunged 2.37 percent, United Overseas Bank lost 0.11 percent and Wilmar International, Yangzijiang Financial, Yangzijiang Shipbuilding, Mapletree Pan Asia Commercial Trust, SembCorp Industries, Thai Beverage, Oversea-Chinese Banking Corporation, Comfort DelGro and Emperador were unchanged.

The lead from Wall Street is broadly positive as the major averages opened higher on Friday and remained solidly in the green throughout the session.

The Dow surged 328.64 points or 1.00 percent to finish at 33,093.34, while the NASDAQ spiked 277.59 points or 2.19 percent to end at 12,975.69 and the S&P 500 jumped 54.17 points or 1.30 percent to close at 4,205.45. For the week, the Dow slumped 1.0 percent, the NASDAQ rallied 2.5 percent and the S&P rose 0.3 percent.

Stocks benefitted from renewed optimism about raising the U.S. debt ceiling amid reports lawmakers are closing in on an agreement.

Those hopes came to fruition over the weekend when President Joe Biden and House Speaker Kevin McCarthy, R-Calif., reached an agreement in principle. It will raise the debt ceiling for two years and keep non-defense spending roughly flat for fiscal 2024.

Optimism about a debt ceiling deal overshadowed a Commerce Department report showing a reacceleration in the annual rate of consumer price growth in the month of April.

Crude oil prices climbed higher on Friday after Russia played down the prospect of additional output cuts by OPEC. West Texas Intermediate crude oil futures for July ended higher by $0.84 or 1.2 percent at $72.67 a barrel. WTI crude futures gained about 1.6 percent last week.