SINGAPORE stocks ended the week in the red on Friday (May 3), ahead of key labour market data from the United States (US).
The data gives an indication of the scope and timing of US Federal Reserve (Fed) rate cuts, and affects market sentiment.
In Singapore, the benchmark Straits Times Index (STI) fell 0.1 per cent or 3.96 points to close at 3,292.93.
Across the broader market, advancers outnumbered decliners 344 to 239, with 1.2 billion securities worth S$964.1 million having changed hands.
The biggest gainer on the STI was consumer goods conglomerate Jardine Matheson Holdings : J36 0%, which rose 2 per cent or US$0.77 to close at US$39.29.
The counter which saw the biggest drop on the index was Mapletree Pan Asia Commercial Trust : N2IU 0%, which fell by 3.2 per cent or S$0.04 to close at S$1.22.
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Seatrium : S51 0% was the most actively traded counter by volume, with 392.2 million shares worth S$36.4 million traded. The counter closed at S$0.092, down 3.2 per cent or S$0.003.
Regional markets ended mixed on Friday. While the Hang Seng Index climbed 1.5 per cent, the Kospi and ASX 200 were down by 0.3 per cent and 0.6 per cent respectively.
Ahead of the release of US labour market data, Stephen Innes, managing director of SPI Asset Management, said that any material weakening in the labour market could lead the US Fed to impose rate cuts, even if inflation remains sustained and moderately elevated.
Innes added that the upcoming report will be “a major litmus test” for near-term rate cut expectations, which he expects to occur in June or July this year.
