Singapore shares edge up to snap three-day losing streak

The uncertainty sent the Straits Times Index down 0.92 per cent or 28.65 points to 3,080.77 to end the week 0.71 per cent lower. PHOTO: ST FILE

SINGAPORE (THE BUSINESS TIMES) - Local investors took their cue from Wall Street and sent the market down on Friday as nerves wore thin over the possible direction of the United States Federal Reserve.

The uncertainty sent the Straits Times (STI) down shed 0.92 per cent or 28.65 points to 3,080.77 to end the week 0.71 per cent lower.

Losers beat gainers 275 to 207 on the broader market with a turnover of 1.06 billion shares worth $1.05 billion.

Five STI stocks posted gains, one was flat and the remaining 24, including the three local banks, ended in the red.

IG market strategist Yeap Jun Rong said the STI has failed to gain much traction since the start of the month, and August is seasonally a weaker period for the index.

"Out of the past 10 years, only one year managed to deliver a positive return in August - a muted return of 0.11 per cent," he noted.

"The index finds itself retesting the 3,100 support level once again. A break below this level may see prices move to retest the 3,000 psychological support level next."

ComfortDelGro went from the bottom of the performance tally on Thursday to be the top STI performer on news that it has won a $1.13 billion contract to operate rail services in Auckland - its maiden project in New Zealand. The stock rose 1.88 per cent to $1.63.

Wilmar International has been on a slide since the agribusiness released financial results on Aug 11. This was despite it delivering an improved performance and the highest interim dividend of five cents a share since going public.

But its joint venture's proposed flotation in India has been held in abeyance by regulators, it said on Aug 22. The counter ended at $4.14, 0.72 per cent lower.

Asian markets were a mixed bag.

Japan's Nikkei 225 shed 0.36 per cent while Hong Kong's Hang Seng dropped 0.03 per cent and the S&P/ASX 200 in Australia slipped 0.04 per cent.

South Korea's Kospi rose 0.17 per cent, Malaysian shares were 0.28 per cent higher and the Shanghai Composite added 0.59 per cent.

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