Market Update: STI closes above 3,000-point level despite losses

The Straits Times Index ended Friday's trading with a slight downturn of about 0.93 points or 0.03% closing at 3,013.85. For the week, STI closed higher by 2.1%.

About 2.44-billion securities worth S$1.61-billion changed hands with more advancers than decliners (255 to 211), despite the main index ending in the red. 

The worst performers for the day were Singapore Airlines, with a1.60% or S$0.07 loss, ST Engineering down by 1.54% or S$0.06, and DBS which went lower by about 1.25% or S$0.35.

Most Asian stocks also ended the week in negative territory after US Federal Reserve chairman Jerome Powell announced that he expected a rise in inflation - which triggered an overnight sell-off in equities and bonds.

On Wall Street, most US stocks ended their three-day losing streak after the Labor Department announced that the US economy added back over 379,000 jobs in four months.

The S&P 500 jumped about 1.95% or 73.47 points at 3,841.94. The NASDAQ also ended higher by 1.55% or 196.68 points closing at 12,920.15, while the Dow Jones Industrial climbed by about 572.16 points or 1.85% to 31,496.30.

London stocks meanwhile, felt the impact of rising bond yields and a slowdown in domestic house price growth.

The FTSE 100 ended down by 0.31% or 20.36 points to finish at 6,630.52. The FTSE 250 also went lower by 1.57% or 334.92 points, closing at 20,961.31.