The Singapore stock market concluded on a positive note for a second consecutive session, amassing nearly 20 points or 0.5%. The Straits Times Index currently hovers slightly above the 3,810 mark, though little change is anticipated for Monday’s trading.
Globally, minimal fluctuations are expected across Asian markets in anticipation of the Federal Open Market Committee (FOMC) meeting later this week. European and U.S. markets experienced slight declines, a trend likely to extend to Asian markets.
On Friday, the STI witnessed a marginal uptick, driven by varied performances across financial, real estate, and industrial sectors. The index climbed by 1.08 points or 0.03%, closing at 3,810.35, after trading within a range of 3,797.95 to 3,821.16.
Among active stocks, City Developments rose by 0.38%, while Comfort DelGro dipped by 0.68%. DBS Group and Keppel Ltd both decreased by 0.14%, and Hongkong Land experienced a notable 1.30% drop. Keppel DC REIT saw a 0.45% increase, while Mapletree Industrial Trust declined by 0.45%. Oversea-Chinese Banking Corporation slightly fell by 0.24%, while SATS gained 0.27%. Seatrium Limited climbed 0.50%, and SembCorp Industries shed 0.36%. SingTel surged by 1.95%, but Thai Beverage fell by 0.88%. Wilmar International lost 0.33%, yet Yangzijiang Shipbuilding increased by 2.49%. Meanwhile, CapitaLand Integrated Commercial Trust, CapitaLand Investment, Emperador, Genting Singapore, Yangzijiang Financial, Mapletree Pan Asia Commercial Trust, Mapletree Logistics Trust, Frasers Logistics & Commercial Trust, Frasers Centrepoint Trust, and Singapore Technologies Engineering remained unchanged.
On Wall Street, the major indices saw slight downward pressure. The Dow declined by 86.04 points or 0.20% to finish at 43,828.06, whereas the NASDAQ edged up by 23.92 points or 0.12% to 19,926.72, and the S&P 500 dipped by 0.16 points, effectively unchanged at 6,051.09.
Over the week, the NASDAQ gained 0.3%, while the S&P 500 decreased by 0.6%, and the Dow dropped significantly by 1.8%.
Initially, Wall Street showed strength due to a favorable earnings report from Broadcom (AVGO), surpassing expectations for its fiscal fourth quarter and predicting sustained strong demand for its custom AI chips. However, buying interest weakened soon after as investors shifted their focus to the impending Federal Reserve meeting. The Fed is anticipated to lower interest rates by 25 basis points, with traders keenly analyzing the accompanying statement for hints on future rate adjustments.
Additionally, oil prices rose on Friday due to resurged supply concerns following new sanctions on Iran and Russia, with West Texas Intermediate Crude oil futures for January closing up $1.27 or approximately 1.8% at $71.29 per barrel.
