The Singapore stock market is anticipated to continue its rangebound trend on Monday, with the Straits Times Index (STI) hovering above the 3,810-point mark. This comes after two consecutive days of gains, adding nearly 20 points or 0.5% last week.
Global cues suggest limited movement across Asian markets as investors await the Federal Open Market Committee (FOMC) meeting later this week. The European and US markets exhibited slight weakness, setting a cautious tone for the region.
On Friday, the STI closed marginally higher, rising 1.08 points or 0.03% to end at 3,810.35, amid mixed performances across sectors. Key movers included:
City Developments: Gained 0.38%.
SingTel: Jumped 1.95%, leading gains.
Yangzijiang Shipbuilding: Rallied 2.49%.
Hongkong Land: Dropped 1.30%.Comfort DelGro: Fell 0.68%.
Meanwhile, oil prices saw a rise on Friday, with West Texas Intermediate crude settling 1.8% higher at US$71.29 per barrel due to renewed supply concerns following sanctions on Iran and Russia.
Investors will closely monitor this week's FOMC meeting, where the US Federal Reserve is expected to reduce interest rates by 25 basis points. Market sentiment will hinge on the central bank's outlook for future rate adjustments.
RTTNews
