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(RTTNews.com) – The Singapore stock market on Friday ended the two-day slide in which it had given away almost 25 points or 0.7 percent. The Straits Times Index remains just beneath the 3,230-point plateau, and it’s likely to remain rangebound again on Monday.
The global forecast for the Asian markets is mixed to slightly lower, with a decline in crude oil prices likely to weigh. The European and U.S. markets were roughly flat but mostly in the red, and the Asian bourses are expected to follow that lead.
The STI finished barely higher on Friday following gains from the properties and mixed performances from the financials and industrials.
Among the actives, Hutchison Port Holdings surged 4.55 percent, while CapitaLand Mall Trust spiked 1.93 percent, Comfort DelGro climbed 1.38 percent, CapitaLand Commercial Trust jumped 1.17 percent, Ascendas REIT perked 1.12 percent, Thai Beverage shed 0.55 percent, Oversea-Chinese Banking Corporation lost 0.46 percent, Wilmar International fell 0.61 percent, Yangzijiang Shipbuilding added 0.36 percent, SembCorp Industries lost 0.34 percent, SingTel picked up 0.27 percent, DBS Group collected 0.10 percent and Golden Agri-Resources was unchanged.
The lead from Wall Street provides little clarity as stocks moved mostly lower on Friday, although the Dow eked out a modest gain.
The Dow added 13.01 points or 0.1 percent to 21,797.79, while the NASDAQ fell 37.68 points or 0.6 percent to 6,360.19 and the S&P shed 3.67 points or 0.2 percent to 2,461.43. For the week, the NASDAQ tumbled 1.2 percent, the Dow slid 0.9 percent and the S&P lost 0.6 percent.
The weakness came amid concerns about the economic impact of Hurricane Irma, which made landfall in Florida early Sunday. Irma followed close on the heels of Hurricane Harvey, which led to widespread devastation and flooding in Texas.
In economic news, the Commerce Department said wholesale inventories rose more than expected in July, while the Federal Reserve said consumer credit jumped more than expected in July.
Crude oil futures fell Friday but held onto weekly gains as data showed the U.S. oil rig count fell again in what is becoming a rough hurricane season. U.S. West Texas Intermediate light crude oil shed 2.04 percent or $1 at $48.09 a barrel.
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