(RTTNews) – The Singapore stock market has finished lower in two straight sessions, easing just over 7 points or 0.3 percent in that span. The Straits Times Index now sits just beneath the 2,500-point plateau and it’s looking at another soft start again on Monday.
The global forecast for the Asian markets is soft with continued pressure expected on the technology stocks, along with concerns over the economic recovery. The European and U.S. markets were down on Friday and the Asian markets are tipped to follow that lead.
The STI finished slightly lower on Friday as losses from the properties were offset by gains from the financial shares and industrials.
For the day, the index dipped 3.07 points or 0.12 percent to finish at 2,497.71 after trading between 2,492.76 and 2,506.92. There were 202 gainers and 202 decliners.
Among the actives, Singapore Exchange surged 5.12 percent, while Keppel Corp soared 1.90 percent, Dairy Farm International and Singapore Technologies Engineering both spiked 1.79 percent, Hongkong Land plunged 1.59 percent, SembCorp Industries accelerated 1.53 percent, Mapletree Commercial Trust tanked 1.46 percent, SATS tumbled 1.38 percent, Comfort DelGro skidded 1.33 percent, CapitaLand Mall Trust retreated 0.98 percent, Singapore Press Holdings advanced 0.94 percent, SingTel dropped 0.90 percent, Singapore Airlines sank 0.85 percent, Venture Corporation added 9.84 percent, Thai Beverage shed 0.82 percent, CapitaLand lost 0.73 percent, CapitaLand Commercial Trust fell 0.57 percent, City Developments gained 0.50 percent, Mapletree Logistics Trust slid 0.49 percent, Wilmar International rose 0.46 percent, DBS Group collected 0.15 percent, United Overseas Bank rose 0.05 percent and Yangzijiang Shipbuilding, Genting Singapore, Ascendas REIT and Oversea-Chinese Banking Corporation were unchanged.
The lead from Wall Street is negative as stocks initially showed a lack of direction on Friday but fell firmly under pressure as the day progressed, extending recent losses.
The Dow dropped 244.58 points or 0.88 percent to finish at 27,657.42, while the NASDAQ skidded 117.02 points or 1.07 percent to end at 10,793.28 and the S&P 500 fell 37.54 points or 1.12 percent to close at 3,319.47. For the week, the Dow fell 0.1 percent and the NASDAQ and S&P both sank 0.6 percent.
The weakness on Wall Street was due to a continued slump by technology stocks, with tech giant Apple (AAPL) showing a significant drop. Big-name tech companies like Google parent Alphabet (GOOGL), Amazon (AMZN), and Microsoft (MSFT) also posted notable losses.
Traders also expressed concerns for the economic outlook following the Federal Reserve’s latest monetary policy announcement and economic assessment. With the elections less than two months away, lawmakers seem unlikely to pass another stimulus bill to help the economy recover from the coronavirus pandemic.
In economic news, the Conference Board noted a continued increase in its leading U.S. economic indicators in August. Also, the University of Michigan saw a bigger than expected improvement in consumer sentiment in September.
Crude oil futures settled higher on Friday as prices edged up following a sharp drop in U.S. crude stockpiles and OPEC’s move to press for better compliance with output cuts. West Texas Intermediate Crude oil futures for October ended higher by $0.14 or 0.3 percent at $41.11 a barrel.