Trade, oil fears linger over markets

AFTER a week of worry over global trade, as one trading partner after another hit back against United States tariffs, markets stayed dour on Friday in the run-up to key oil output talks.

The Straits Times Index (STI) tracked overnight Wall Street losses and shed 12.6 points, or 0.38 per cent, to 3,287.4, after touching a low of 3,270.15 in the morning. The index, which is down by 2.07 per cent on the previous week, is now at its lowest since last October. Gainers beat losers thinly by 200 to 188 on the bourse, as two billion shares worth S$1.19 billion changed hands.

"Heightened global trade tensions remain a theme going into the end of the week, despite having little material changes to the situation," wrote IG Asia market strategist Pan Jingyi. She added that the next support level for the STI is "seen only around 3,264, sustaining the recent downtrend".