STI snaps 4-day winning streak ahead of Good Friday holiday

THE Singapore bourse’s key gauge gave up its four-day winning streak on Thursday (Apr 6), ahead of market closures in the city-state, as well as in many other markets across the region for Good Friday and the long Easter weekend.

Overnight falls in the US’ Nasdaq and S&P 500 in the wake of more weak data prints – which indicated the deceleration of private-sector hiring and a slowing service sector – suggested continued weakening in the US, the world’s largest economy. This has deepened macro woes, sparked worries over the impact of the Federal Reserve’s tightening trajectory, and further reinforced expectations that Friday’s US non-farm payrolls data will also disappoint.

The key Straits Times Index (STI) fell 18.39 points or 0.6 per cent to 3,300.48. The index had advanced nearly 42 points or 1.3 per cent week on week.