Shutterstock photo(RTTNews.com) - The Singapore stock market on Friday wrote a finish to the three-day slide in which it had stumbled almost 30 points or 0.9 percent. The Straits Times Index now rests just above the 3,220-point plateau and may tick slightly higher again on Monday.
The global forecast for the Asian markets is cloudy, with little movement expected as firm crude oil prices figure to prevent too much damage. The European and U.S. markets were mixed and little changed on Friday and the Asian markets are expected to follow that lead.
The STI finished slightly higher on Friday as gains from the financials and industrials were capped by weakness from the plantations and a mixed performance from the properties.
Among the actives, CapitaLand Commercial Trust skidded 1.47 percent, while Hutchison Port Holdings tumbled 1.10 percent, Yangzijiang Shipbuilding climbed 1.08 percent, SembCorp Industries dropped 1.01 percent, United Overseas Bank jumped 0.90 percent, Oversea-Chinese Banking Corporation collected 0.63 percent, Wilmar International shed 0.62 percent, Thai Beverage lost 0.56 percent, DBS Group added 0.44 percent, Singapore Press Holdings gathered 0.37 percent, CapitaLand advanced 0.28 percent and Golden Agri-Resources, Genting Singapore and SingTel were unchanged.
The lead from Wall Street is uninspired as stocks were lackluster on Friday, hovering near the unchanged line before ending mixed.
The Dow shed 9.64 points or 0.04 percent to 22.349.59, while the NASDAQ added 4.23 points or 0.07 percent to 6,426.92 and the S&P gained 1.62 points or 0.06 percent to 2,502.22. For the week, the NASDAQ eased 0.3 percent, the Dow rose 0.4 percent and the S&P added 0.1 percent.
The choppy trading reflected geopolitical concerns amid an escalating war of words between North Korean leader Kim Jong Un and President Donald Trump. Also, North Korean Foreign Minister Ri Yong Ho said his country may consider testing a hydrogen bomb in the Pacific Ocean.
Crude oil prices inched higher Friday, preserving weekly gains as OPEC met in Vienna to discuss output cuts. November oil rose 11 cents to $50.66 a barrel for a weekly gain over 0.4 percent.
Closer to home, Singapore will release August numbers for consumer prices later today. Inflation is expected to have risen 0.5 percent on month and 0.6 percent on year after easing 0.2 percent on month and rising 0.6 percent on year in July.
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