Just before the Lunar New Year holiday, the Singapore stock market has seen two consecutive days of decline, losing nearly 20 points or 0.6 percent. The Straits Times Index is currently just below the 3,140-point mark, but it may experience slight support on Tuesday.
Global predictions suggest that Asian markets are unlikely to see much turbulence, as many countries are still observing the Lunar New Year holiday. While the European markets showed upward movement, and U.S. markets exhibited a mix of highs and lows, it is expected that Asian markets will sit between these extremes.
During Friday's half-day trading session, the Straits Times Index (STI) experienced a minor decline caused by losses in the property sector and mixed results from financial and industrial stocks.
On the day, the index reduced by 4.61 points or 0.15 percent to reach a daily high of 3,138.30, after initially dipping as low as 3,117.46.
Active companies saw a wide range of performance changes; Ascendas REIT rose by 2.22 percent, CapitaLand Integrated Commercial Trust fell by 0.50 percent, both City Developments and Thai Beverage experienced a 1.00 percent decrease. However, there was no change for CapitaLand Investment, Keppel DC REIT, Frasers Logistics, SingTel, Mapletree Pan Asia Commercial Trust and Mapletree Logistics Trust.
Having opened flat, the major Wall Street averages quickly rose then faded, with only the Dow Jones Industrial Average retain its gains and set a new record close.
With traders giving the market a rest following recent strong performance, the S&P 500 exceeded 5,000 points for the first time. The NASDAQ also saw significant upward movement, approaching the record highs set in November 2021.
The absence of major U.S. economy data has resulted in some traders waiting on the sidelines, in anticipation of several key reports to be released in the coming days. The Labor Department's consumer price inflation report for January, due out soon, is expected to significantly influence interest rate outlooks.
Both bond and crude oil futures demonstrated fluctuations on Monday. Demand concerns seemed to be balancing potential supply disruptions, while the dollar recovering from lower levels also put pressure on prices. West Texas Intermediate Crude oil futures for March settled at $76.92 a barrel, up $0.08 from the previous close.
