Singapore Shares May Halt Losing Streak

(RTTNews) - The Singapore stock market has tracked lower in three straight sessions, slumping almost 80 points or 1.7 percent in that span. The Straits Times Index now rests just above the 4,920-point plateau although it may stop the bleeding on Monday.

The global forecast for the Asian markets is cautiously optimistic on easing oil prices and support from technology shares. The European markets were down and the U.S. bourses were mostly higher and the Asian markets figure to follow the latter lead.

The STI finished modestly lower on Friday following losses from the financial shares, property stocks and industrial issues.

For the day, the index shed 21.25 points or 0.43 percent to finish at 4,922.86 after trading between 4,903.72 and 4,941.27.

Among the actives, CapitaLand Ascendas REIT dipped 0.39 percent, while City Developments tumbled 1.62 percent, DBS Group and Venture Corporation both eased 0.18 percent, DFI Retail Group plummeted 2.09 percent, Genting Singapore improved 0.71 percent, Hongkong Land added 0.79 percent, Keppel DC REIT fell 0.42 percent, Keppel Ltd dropped 0.60 percent, Mapletree Pan Asia Commercial Trust slumped 0.71 percent, Mapletree Industrial Trust lost 0.49 percent, Oversea-Chinese Banking Corporation slipped 0.41 percent, SATS declined 0.88 percent, Seatrium Limited jumped 1.69 percent, SembCorp Industries sank 0.58 percent, Singapore Exchange gained 0.74 percent, Singapore Technologies Engineering was down 0.09 percent, SingTel stumbled 1.28 percent, Thai Beverage retreated 1.18 percent, United Overseas Bank shed 0.53 percent, UOL Group slipped 0.37 percent, Wilmar International contracted 0.77 percent, Yangzijiang Shipbuilding surged 3.84 percent and CapitaLand Integrated Commercial Trust, CapitaLand Investment, Singapore Airlines, Mapletree Logistics Trust and Frasers Logistics &Commercial Trust were unchanged.

The lead from Wall Street is mixed as the Dow opened lower and finished the same way, while the NASDAQ and S&P began in the green and picked up steam as the day progressed.

The Dow shed 79.59 points or 0.16 percent to finish at 49,230.71, while the NASDAQ surged 398.10 points or 1.63 percent to end at 24,836.60 and the S&P 500 gained 56.68 points or 0.80 percent to close at 7,165.08.

For the week, the Dow slipped 0.4 percent, the NASDAQ jumped 1.5 percent and the S&P added 0.6 percent.

The rebound by the broader markets came amid a spike by shares of Intel (INTC) after the chipmaker reported much better than expected first quarter earnings and forecast Q2 revenues above estimates.

Buying interest was also generated in reaction to a pullback by the price of crude oil, which has soared over the past few sessions. President Donald Trump's announcement of a three-week extension of the ceasefire between Israel and Lebanon has also weighed on crude oil prices.

Crude oil prices slumped on Friday as the prospects of a peace deal between U.S. and Iran gather steam, lowering Middle East tensions. West Texas Intermediate crude for June delivery was down $1.68 or 1.75 percent at $94.17 per barrel.

Closer to home, Singapore will provide March figures for industrial production later today; in February, production was down 7.2 percent on month and 0.1 percent on year.