Singapore Shares May See Additional Consolidation On Monday

(RTTNews) - The Singapore stock market on Friday snapped the six-day winning streak in which it had jumped more than 250 points or 5.1 percent to a record closing high. The Straits Times Index now sits just above the 5,190-point plateau and it may take further damage on Monday.

The global forecast for the Asian markets is week after Iran closed down the Strait of Hormuz again over the weekend. The European markets were soft and the U.S. bourses were off and the Asian markets also figure to open in the red.

The STI finished modestly lower on Friday following losses from the banks and mixed performances from the properties and industrials.

For the day, the index slipped 20.154 points or 0.39 percent to finish at 5,192.70 after trading between 5,159.95 and 5,226.03.

Among the actives, CapitaLand Integrated Commercial Trust rallied 1.73 percent, while City Developments skidded 1.31 percent, DBS Group eased 0.06 percent, DFI Retail Group surged 4.25 percent, Genting Singapore slumped 1.61 percent, Hongkong Land advanced 0.86 percent, Keppel DC REIT rose 0.45 percent, Keppel Ltd dipped 0.09 percent, Mapletree Industrial Trust added 0.52 percent, Mapletree Logistics Trust jumped 1.65 percent, Oversea-Chinese Banking Corporation declined 1.79 percent, SATS and SingTel both gained 0.46 percent, Seatrium Limited climbed 1.00 percent, SembCorp Industries dropped 1.25 percent, Singapore Airlines improved 0.55 percent, Singapore Exchange retreated 2.29 percent, Singapore Technologies Engineering tumbled 2.87 percent, Thai Beverage soared 3.49 percent, United Overseas Bank sank 1.13 percent, UOL Group fell 1.00 percent, Wilmar International spiked 2.75 percent, Yangzijiang Shipbuilding vaulted 1.10 percent and CapitaLand Ascendas REIT, CapitaLand Investment, Mapletree Pan Asia Commercial Trust, Frasers Centrepoint Trust and Frasers Logistics & Commercial Trust were unchanged.

The markets on Wall Street were closed on Friday for the Juneteenth holiday, but the European bourses ended mostly under water.

The UK's FTSE 100 ended down 0.35 percent, while Germany's DAX drifted down 0.16 percent and France's CAC 40 lost 0.55percent and Switzerland's SMI edged up 0.06 percent.

The weakness that emerged was due to uncertainty about U.S. and Iran securing a lasting peace truce in the Middle East following the abrupt cancellation of talks between the two nations in Switzerland.

The cancellation happened following exchange of fresh attacks between Israel and Hezbollah, and Iran then accused the U.S. of breaking the agreement - since one of the main conditions was for Israel to also cease hostilities.

Crude oil prices tumbled last week on reports that the Strait of Hormuz was re-opened, falling more than 10 percent from the previous week's close to below $80. But Iran closed the strait again over the weekend, likely prompting a rebound in crude prices this week.