The Singapore stock market has faced two consecutive sessions of decline, shedding nearly 25 points or 0.6%. The Straits Times Index (STI) currently sits just below the 3,575 mark, but signs indicate it may halt this losing streak as the week begins.
The global outlook for Asian markets is optimistic, driven by positive sentiment around interest rates. Both the US and European markets closed higher, setting the stage for potential gains across Asian exchanges.
On Friday, the STI ended modestly lower, dropping 11.53 points, or 0.32%, to close at 3,573.76. The index saw losses across key financial and property stocks, while industrials remained mixed. CapitaLand Integrated Commercial Trust and City Developments both declined, while DBS Group and Oversea-Chinese Banking Corporation eased slightly. Hongkong Land saw a significant drop of 2.97%, while SATS plummeted by 4.22%. However, companies like Seatrium Limited and SembCorp Industries posted gains, advancing by 0.50% and 0.92%, respectively.
The market will be watching key developments, including upcoming third-quarter GDP data, for signs of economic recovery. Additionally, Wall Street's strong performance on Friday – with the Dow rallying nearly 410 points – provides an encouraging backdrop for Singapore's stocks as trading resumes on Monday.
