,Singapore

Market Update: STI closes above 3,000-point level despite losses

The Straits Times Index ended Friday's trading with a slight downturn of about 0.93 points or 0.03% closing at 3,013.85. For the week, STI closed higher by 2.1%.

About 2.44-billion securities worth S$1.61-billion changed hands with more advancers than decliners (255 to 211), despite the main index ending in the red. 

The worst performers for the day were Singapore Airlines, with a1.60% or S$0.07 loss, ST Engineering down by 1.54% or S$0.06, and DBS which went lower by about 1.25% or S$0.35.

Most Asian stocks also ended the week in negative territory after US Federal Reserve chairman Jerome Powell announced that he expected a rise in inflation - which triggered an overnight sell-off in equities and bonds.

On Wall Street, most US stocks ended their three-day losing streak after the Labor Department announced that the US economy added back over 379,000 jobs in four months.

The S&P 500 jumped about 1.95% or 73.47 points at 3,841.94. The NASDAQ also ended higher by 1.55% or 196.68 points closing at 12,920.15, while the Dow Jones Industrial climbed by about 572.16 points or 1.85% to 31,496.30.

London stocks meanwhile, felt the impact of rising bond yields and a slowdown in domestic house price growth.

The FTSE 100 ended down by 0.31% or 20.36 points to finish at 6,630.52. The FTSE 250 also went lower by 1.57% or 334.92 points, closing at 20,961.31.

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Meanwhile, a record 583 non-landed homes sold for more than $2m each in the first nine months of the year.
The merger will create a flagship pan-Asia logistics and high-tech S-REIT.
It is followed closely by the identification app SingPass.
The index tracks REITs in the APAC region with higher dividend yields and positive environmental attributes.
Both companies will create training programs to support digital entrepreneurship and digital upskilling for Grab partners.
The deal is focused on M1’s network assets. 
This is a part of the Lion City's bid to become a global maritime knowledge and innovation hub.
Risks, however, are present with the financial troubles faced by the real estate sector in China. 
This comes as more Singaporeans turn to gaming in the midst of the pandemic. 
Retail sector has experienced the “most disruptions” with the changing restrictions.
The company was commended for being a global and regional sector leader in five categories.
The CEO designate said he aims to drive development in the company’s business units.   Gary Ho,  who played an instrumental role in the Initial Public Offering (IPO) of Nanofilm Technologies International Limited, has been appointed Chief Executive Officer of the company.
Analysts said strong leasing activity in Q3 played a factor.
Islandwide prime retail rents saw a dip by 0.6% q-o-q. 
Jardine Cycle & Carriage, Keppel Corporation and Frasers Logistics & Commercial showed the most growth.