SINGAPORE: The Singapore stock market on Friday snapped the three-day winning streak in which it had advanced more than 40 points or 1.2 percent. The Straits Times Index now rests just above the 3,420-point plateau and it may open under pressure again on Monday. The global forecast for the Asian markets is flat to lower thanks to a fall in crude oil prices. The European and U.S. markets were down on Friday, and the Asian bourses are expected to follow suit.
The STI finished slightly lower on Friday following losses from the financials, industrials and plantations. Among the actives, Yangzijiang Shipbuilding surged 4.79 percent, while Genting Singapore soared 1.52 percent, Golden Agri-Resources skidded 1.23 percent, DBS Group tumbled 1.19 percent, Hutchison Port Holdings dropped 1.18 percent, Keppel Corp shed 0.92 percent, Wilmar International lost 0.90 percent, Oversea-Chinese Banking Corporation fell 0.76 percent, SembCorp Industries dipped 0.62 percent, SingTel added 0.53 percent, Thai Beverage retreated 0.52 percent and CapitaLand Mall Trust and Global Logistic Properties were unchanged.
The lead from Wall Street suggests mild consolidation as stocks spent most of Friday’s trade in the red before eventually ending mixed.
The Dow shed 39.73 points or 0.17 percent to 23,422.21, while the NASDAQ added 0.89 points or 0.01 percent to 6,750.94 and the S&P 500 fell 2.32 points or 0.09 percent to 2,582.30. For the week, the Dow lost 0.5 percent, while the NASDAQ and the S&P both eased 0.2 percent.
The mixed close came as traders continued to digest the details of the Senate Republican version of tax reform legislation. The Senate bill includes large differences from the House version, including a delay in implementing a corporate tax rate cut.
On the economic front, the University of Michigan noted a bigger than expected pullback in consumer sentiment in November following the 13-year high index reading in the previous month.
Crude oil futures fell Friday, trimming recent gains after the U.S. oil rig count jumped last week. Nymex December oil futures settled at $56.74 a barrel, down 0.8 percent.
