The Singapore stock market witnessed an upswing for the second consecutive session, gaining nearly 60 points, equating to a 1.6 percent increase. As a result, the Straits Times Index (STI) currently hovers just above the 3,855-point level. However, market momentum might be limited as trading commences on Monday.
The broader outlook for Asian markets appears subdued due to prevailing concerns about U.S.-imposed tariffs, which came into effect over the weekend. While European markets posted gains, U.S. stock exchanges closed lower, likely influencing Asian markets to follow suit.
On Friday, the STI experienced a significant rise, benefitting from gains in financials, real estate, and industrial sectors. The index surged 54.75 points, marking a 1.44 percent rise to close at 3,855.82, after fluctuating between 3,837.96 and 3,876.32 throughout the session.
Key performers included CapitaLand Integrated Commercial Trust, which rose by 0.52 percent, and CapitaLand Investment, up by 0.41 percent. Conversely, City Developments dipped by 0.39 percent. Comfort DelGro and DFI Retail showed robustness, each advancing by 2.17 percent. DBS Group rose by 2.01 percent, while Genting Singapore recorded a notable increase of 3.42 percent. Hongkong Land gained 0.93 percent, and both Keppel DC REIT and Keppel Ltd saw upswings of 2.33 percent and 0.89 percent, respectively. Meanwhile, Mapletree Pan Asia Commercial Trust and Mapletree Industrial Trust experienced declines of 0.82 percent and 2.33 percent, respectively, with Mapletree Logistics Trust dropping significantly by 3.71 percent. Other notable movements included Oversea-Chinese Banking Corporation's gain of 2.11 percent, SATS's decline of 0.29 percent, Seatrium Limited's 0.90 percent increase, and a 2.69 percent rise for Yangzijiang Shipbuilding. Emperador and Thai Beverage remained unchanged.
Wall Street's outlook was less favorable. Major indices opened strongly on Friday but experienced a late downturn, culminating in negative closes. The Dow Jones Industrial Average fell 337.44 points, or 0.75 percent, closing at 44,544.66. The NASDAQ dropped 54.26 points, or 0.28 percent, ending at 19,627.44, and the S&P 500 decreased by 30.64 points, or 0.50 percent, settling at 6,040.53. Weekly performance showed the Dow inching up by 0.3 percent, while the S&P 500 and NASDAQ declined by 1.0 percent and 1.6 percent, respectively.
Market sentiment turned bearish in the afternoon trading session following White House Press Secretary Karoline Leavitt’s announcement that the Trump administration would impose the previously threatened tariffs on major U.S. trading partners starting the next day. Specifically, 25 percent tariffs are to be applied to Mexico and Canada, with a 10 percent tariff impacting China. These developments have sparked inflation concerns, potentially influencing the Federal Reserve’s interest rate stance.
Crude oil futures closed lower on Friday as uncertainty about Trump's tariff policies regarding Canada and Mexico weighed on the market. Additionally, a firmer dollar contributed to the downward trend. West Texas Intermediate crude oil futures for March delivery dropped $0.20, concluding at $72.53 per barrel.
