The Singapore stock market has experienced declines over two consecutive sessions, losing nearly 35 points or approximately 1 percent during this period. Consequently, the Straits Times Index (STI) now hovers just above the 3,555 mark, although support is anticipated on Monday.
The outlook for Asian markets is optimistic, driven by strong earnings reports and renewed confidence in the interest rate forecast. Both European and U.S. markets posted gains, and it is expected that Asian exchanges will follow this positive trend.
On Friday, the STI concluded with a slight decline, influenced by losses in the industrial sector, gains in the property sector, and mixed results in the financial sector. The index dropped 3.45 points, or 0.10 percent, ending the day at 3,555.43, after fluctuating between 3,524.33 and 3,556.29.
Among active stocks, CapitaLand Integrated Commercial Trust saw a 0.50 percent rise, CapitaLand Investment increased by 1.07 percent, and City Developments gained 0.38 percent. DBS Group experienced a 0.23 percent uptick, Genting Singapore surged 1.20 percent, and Hongkong Land climbed 3.94 percent. Conversely, Keppel DC REIT fell 0.87 percent, Mapletree Pan Asia Commercial Trust decreased 1.53 percent, and Mapletree Logistics Trust declined 0.75 percent. Additionally, Oversea-Chinese Banking Corporation slipped 0.07 percent, SATS rose 0.76 percent, SembCorp Industries dropped 1.19 percent, SingTel declined 0.96 percent, Thai Beverage plunged 5.66 percent, Wilmar International dropped 3.75 percent, Yangzijiang Financial fell 1.25 percent, and Yangzijiang Shipbuilding tumbled 1.94 percent. Shares of Seatrium Limited, Mapletree Industrial Trust, Singapore Technologies Engineering, Emperador, Comfort DelGro, Keppel Ltd, Frasers Logistics & Commercial Trust, and DFI Retail Group remained unchanged.
Wall Street presented an optimistic lead, with major averages opening higher on Friday and maintaining positive momentum throughout the day. The Dow soared 288.73 points, or 0.69 percent, closing at 42,052.19. Meanwhile, the NASDAQ rose 144.77 points, or 0.80 percent, ending at 18,239.92, and the S&P 500 increased by 23.35 points, or 0.41 percent, to finish at 5,728.80.
Over the week, the Dow edged down by 0.2 percent, the S&P decreased 1.4 percent, and the NASDAQ dropped 1.5 percent. Wall Street's strength was underpinned by a favorable reaction to strong earnings from prominent companies such as Intel (INTC) and Amazon (AMZN).
Additionally, investors evaluated the Labor Department's closely monitored jobs report, which revealed weaker-than-expected employment growth in October. While this data sparked concerns about economic strength, it also renewed optimism regarding interest rate predictions.
In the commodities market, oil futures saw modest gains on Friday amid growing concerns over Middle East tensions, with reports indicating that Iran is planning further attacks on Israel. West Texas Intermediate Crude oil futures for December closed higher by $0.23, or 0.33 percent, at $69.49 per barrel.
