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Singapore shares open 13 points lower on Friday

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THE Singapore bourse opened lower on Friday, with the key Straits Times Index down 12.6 points at 2,821.5. Some 114 million shares worth S$125 million were traded with 105 counters down and 63 up.

The US equity benchmark Dow Jones hit a record on Thursday, boosted by expectations that President-elect Donald Trump will, as he had pledged earlier, slash taxes and raise infrastructure spending.

Wall Street's showing since Mr Trump's win has been a stark contrast from predictions that if he won the elections, markets would suffer a rout given the uncertainty of his policy directions.

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That's not to say the fears are completely out of the way. "Although Trump's conciliatory speech following the election outcome and the growing emphasis on fiscal policy seemed to have swung market sentiment positively, it is too early to conclude that financial markets have firmly settled down at this time," said RHB chief economist Thomas Lam.

"The only takeaway at this juncture, without concrete details on new policy proposals and priorities, is that the future direction of the US economy (and probably the global economy) is open to a broader range of negative and positive outcomes," said Mr Lam.

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