The Singapore stock market concluded its six-day winning streak on Friday, during which it had gained over 110 points, or approximately 3 percent. The Straits Times Index now sits just below the 3,800 mark but may find renewed support as we enter the new trading week on Monday.
Anticipations for interest rate adjustments have led to a cautiously optimistic global outlook, with predictions suggesting a neutral to slightly upward trend for Asian markets. European and U.S. markets showed mixed and largely stable performances on Friday, a pattern likely to influence the Asian indexes.
On Friday, the Straits Times Index saw a modest decline, pressured by downturns in telecommunications, industrial sectors, and trusts, while banking stocks displayed varied movements. The index dropped 26.52 points, representing a 0.69 percent decrease, closing at a daily low of 3,796.16 after reaching a peak of 3,816.17.
Several active stocks recorded notable movements: CapitaLand Integrated Commercial Trust fell 0.51 percent, CapitaLand Investment dropped 1.45 percent, City Developments slid 0.19 percent, Comfort DelGro decreased by 2.00 percent, DBS Group declined 1.31 percent, Emperador was down 1.19 percent, and Genting Singapore dropped 1.27 percent. Conversely, Hongkong Land gained 0.85 percent. Keppel DC REIT, Keppel Ltd, Mapletree Industrial Trust, Mapletree Logistics Trust, Oversea-Chinese Banking Corporation, SATS, Seatrium Limited, SembCorp Industries, SingTel, Thai Beverage, and Wilmar International all experienced losses, whereas Yangzijiang Shipbuilding surged 1.89 percent. Other stocks such as Singapore Technologies Engineering, Yangzijiang Financial, Mapletree Pan Asia Commercial Trust, and Frasers Centrepoint Trust remained unchanged.
On Wall Street, trading was mixed but generally flat. The major averages saw an increase at the market's opening on Friday, although the Dow Jones Industrial Average couldn’t maintain gains, ultimately declining 123.18 points, or 0.28 percent, to close at 44,642.52. Conversely, the NASDAQ rose by 159.07 points, or 0.81 percent, closing at 19,859.77, while the S&P 500 decreased by 15.16 points, or 0.25 percent, ending at 6,090.27.
The Dow's decline was aggravated by continuing reductions in UnitedHealth shares following the tragic death of its CEO, Brian Thompson. Meanwhile, the NASDAQ and S&P enjoyed positive momentum, spurred by favorable market reactions to the Labor Department's report, which disclosed an unexpected rise in employment figures for November. Even though the unemployment rate increased slightly to 4.2 percent from October's 4.1 percent, confidence grew in the belief that the Federal Reserve might reduce interest rates by an additional 25 basis points later this month.
Oil markets saw a downturn on Friday due to concerns about excess supply. January futures for West Texas Intermediate Crude fell by $1.10, or 1.61 percent, to $67.20 per barrel, marking an approximate 1 percent decline over the week.
