Singapore Stock Market Expected To Reverse Monday’s Losses

(RTTNews) – The Singapore stock market has finished lower in two of three trading days since the end of the three-day winning streak in which it had improved more than 60 points or 1.9 percent. The Straits Times Index now rests just beneath the 3,215-point plateau although it figures to rebound again on Tuesday.

The global forecast for the Asian markets is broadly positive, with support expected from the financial, oil and telecom stocks. The European and U.S. markets were sharply higher and the Asian bourses figure to open in similar fashion.

The STI finished modestly lower on Monday following losses from the financial shares, property stocks and industrial issues.

For the day, the index sank 26.93 points or 0.83 percent to finish at the daily low of 3,213.65 after peaking at 3,251.61. Volume was 1.61 billion shares worth 1.08 billion Singapore dollars. There were 270 decliners and 233 gainers.

Among the actives, CapitaLand Integrated Commercial Trust and Keppel Corp both lost 0.44 percent, while CapitaLand Investment skidded 1.02 percent, City Developments retreated 1.22 percent, DBS Group tumbled 1.60 percent, Hongkong Land plunged 1.87 percent, Mapletree Industrial Trust gained 0.41 percent, Oversea-Chinese Banking Corporation fell 0.26 percent, SATS eased 0.22 percent, SembCorp Industries tanked 1.74 percent, Singapore Exchange added 0.51 percent, Singapore Technologies Engineering slumped 0.98 percent, SingTel sank 074 percent, Thai Beverage declined 1.41 percent, United Overseas Bank shed 0.68 percent, Wilmar International plummeted 2.33 percent, Yangzijiang Financial jumped 2.35 percent, Yangzijiang Shipbuilding climbed 1.12 percent and Mapletree Commercial Trust, Mapletree Logistics Trust, Genting Singapore, Ascendas REIT and Comfort DelGro were unchanged.

The lead from Wall Street is upbeat as the major averages opened higher on Monday and largely accelerated as the day progressed, ending solidly in the green.

The Dow surged 618.34 points or 1.98 percent to finish at 31,880.24, while the NASDAQ soared 180.66 points or 1.59 percent to end at 11,535.27 and the S&P 500 jumped 72.39 points or 1.86 percent to close at 3,973.75.

The strength on Wall Street came as traders continued to pick up stocks at reduced levels, extending the recovery seen late in the trading session last Friday.

Buying interest was also generated in reaction to news the financial hub of Shanghai has lifted some of its COVID-19 restrictions and U.S. President Joe Biden said he was weighing cutting tariffs on Chinese goods.

Crude oil futures pared early gains and settled flat on Monday. Oil prices climbed higher earlier in the day amid hopes of increased demand from China, while a weaker dollar also offered support. But prices came off higher levels as the day progressed and eventually settled little changed.

West Texas Intermediate crude oil futures for July ended at $110.29 a barrel, up a penny from Friday’s close of $110.28 a barrel. The contract rose to a high of $111.96 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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