Losses May Accelerate For Singapore Stock Market

(RTTNews) – The Singapore stock market on Tuesday ended the three-day winning streak in which it had gained almost 60 points or 1.9 percent. The Straits Times Index now rests just above the 3,230-point plateau and it’s expected to extend its losses on Wednesday.

The global forecast for the Asian markets suggests consolidation on concerns for the outlook for interest rates. The European markets were mixed and the U.S. bourses were down and the Asian markets also figure to open in the red.

The STI finished slightly lower on Tuesday following mixed performances from the financial shares, property stocks and industrial issues.

For the day, the index fell 6.43 points or 0.20 percent to finish at the daily low of 3,232.49 after peaking at 3,263.11. Volume was 2.2 billion shares worth 3.4 billion Singapore dollars. There were 272 gainers and 212 decliners.

Among the actives, Ascendas REIT added 0.72 percent, while CapitaLand Integrated Commercial Trust tumbled 1.79 percent, CapitaLand Investment improved 0.77 percent, City Developments gained 0.49 percent, Comfort DelGro retreated 1.37 percent, DBS Group and DFI Retailing both sank 0.74 percent, Genting Singapore declined 1.27 percent, Hongkong Land rose 0.43 percent, Keppel Corp spiked 1.62 percent, Mapletree Commercial Trust slumped 1.11 percent, Mapletree Industrial Trust perked 0.40 percent, Mapletree Logistics Trust skidded 1.20 percent, Oversea-Chinese Banking Corporation advanced 0.94 percent, SATS plummeted 3.52 percent, SembCorp Industries was up 0.35 percent, Singapore Exchange plunged 3.15 percent, Singapore Technologies Engineering rallied 1.23 percent, SingTel tanked 2.26 percent, United Overseas Bank collected 0.58 percent, Yangzijiang Financial surged 4.17 percent, Yangzijiang Shipbuilding fell 0.54 percent and Thai Beverage, Wilmar International and Frasers Logistics were unchanged.

The lead from Wall Street is negative as the major averages opened sharply lower on Tuesday, pared some of the losses as the day progressed but still finished firmly in the red.

The Dow dropped 222.84 points or 0.67 percent to finish at 32,990.12, while the NASDAQ slipped 49.74 points or 0.41 percent to close at 12,081.39 and the S&P 500 sank 26.09 points or 0.63 percent to end at 4,132.15.

The early pressure on Wall Street emerged after Federal Reserve governor Christopher Waller was quoted as saying that he favored 50 basis point hike at every meeting until there is a substantial reduction in inflation – and treasury yields ticked higher in response.

In economic news, the Conference Board noted a modest decrease in U.S. consumer confidence in May.

Crude oil prices bounced off a hit two-month high on Tuesday and finished modestly lower on reports that OPEC may suspend Russia’s participation in an oil production deal. West Texas Intermediate Crude oil futures ended lower by $0.40 or 0.35 percent at $114.67 a barrel after rallying to $119.98 a barrel earlier in the day.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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