Correction mode leaves its mark on local bourse
IT WAS not meant to be for Singapore's stock market barometer - try as it may - to cap the last trading day of a volatile week on a positive note, finishing instead at a two-week low.
A concoction of down news - continued sell-off in sovereign bonds, Wall Street's soft overnight lead and mixed earnings by US tech giants - killed the joy in the market ahead of a keenly awaited labour market update out of the US.
The key Straits Times Index shed 17.41 points or 0.5 per cent to finish at 3,529.82 on Friday as it wrapped up a week that saw a visible shift to correction mode led by profit taking, throwing cold water over a sweet, much-enjoyed rally. Week-on-week, the index lost 37.3 points or just over one per cent.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
S&P Global first-quarter profit beats estimates on strong product demand
Malaysia mulls over plans for casino in Forest City as part of Johor-S’pore Special Economic Zone: sources
Far East Orchard acquires 49% stake in UK-based purpose-built student accommodation operator for £17.6 million
Nestle sales growth sputters on US slump, vitamin snags
BNP Paribas beats estimates as lower costs offset trading slump
TikTok ultimatum puts US firms in firing line for China response