(RTTNews.com) – The Singapore stock market turned lower again on Friday, one session after it had halted the two-day losing streak in which it had given away almost 20 points or 0.6 percent. The Straits Times Index settled just above the 3,300-point plateau, although the market is expected to turn higher again on Monday.
The global forecast for the Asian markets is upbeat thanks to a rebound in the price of crude oil. Bargain hunting after several soft sessions adds to the positive sentiment. The European and U.S. markets were up and the Asian markets are also expected to open in the green.
The STI finished sharply lower on Friday following losses across the board, but particularly from the financials, plantations, airlines and industrials.
For the day, the index plummeted 38.16 points or 1.14 percent to finish at 3,300.68 after trading between 3,291.50 and 3,341.55. Volume was 1.77 billion shares worth 1.39 billion Singapore dollars.
Among the actives, Keppel Corp shed 0.86 percent, while City Developments lost 0.90 percent, CapitaMall Trust spiked 1.40 percent, SIA tumbled 2.96 percent, DBS Group fell 0.90 percent, United Overseas Bank retreated 1.54 percent, Singapore Exchange plunged 2.51 percent, Wilmar International dropped 0.94 percent, Noble Group plummeted 3.41 percent and SembCorp lost 2.14 percent.
The lead from Wall Street is positive as stocks moved sharply higher on Friday, with the major averages snapping a five-session losing streak.
The Dow surged 190.86 points or 1.1 percent to 17,511.57, while the NASDAQ soared 63.56 points or 1.4 percent to 4,634.38 and the S&P 500 jumped 26.75 points or 1.3 percent to 2,019.42. For the week, the NASDAQ tumbled 1.5 percent, while the Dow and the S&P 500 slid 1.3 percent and 1.2 percent, respectively.
Bargain hunting contributed to the rebound, while the markets also benefited from a sharp increase by the price of crude oil, with crude for February delivery jumping $ 2.44 to $ 48.69 a barrel.
In economic news, the Labor Department reported that consumer prices saw the biggest decrease in six years in December amid another sharp drop in energy prices.
A separate report from the Federal Reserve showed a modest pullback in industrial production in December, while the University of Michigan said its consumer sentiment index jumped to an 11-year high in January.
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