Singapore Stock Market May Find Traction On Wednesday

Mint

The Singapore stock market has moved lower in three straight sessions, sinking more than 65 points or 2.1 percent along the way. The Straits Times Index now sits just beneath the 3,160-point plateau although it may halt its slide on Wednesday.

The global forecast for the Asian markets is murky and flat ahead of key economic data later this week. The European and U.S. markets were mixed and little changed and the Asian markets figure to open in similar fashion.

The STI finished modestly lower on Tuesday following losses from the industrials and trusts and mixed performances from the financials and properties.

For the day, the index sank 13.80 points or 0.44 percent to finish at 3,157.32 after trading between 3,137.56 and 3,179.79.

Among the actives, Ascendas REIT plummeted 1.78 percent, while CapitaLand Integrated Commercial Trust surrendered 1.55 percent, CapitaLand Investment stumbled 1.08 percent, City Developments lost 0.33 percent, Comfort DelGro and Mapletree Pan Asia Commercial Trust both dropped 0.72 percent, Emperador declined 0.99 percent, Genting Singapore climbed 1.09 percent, Hongkong Land added 0.31 percent, Keppel DC REIT plunged 1.71 percent, Keppel Ltd slid 0.28 percent, Mapletree Industrial Trust tanked 1.70 percent, Mapletree Logistics Trust sank 0.67 percent, Oversea-Chinese Banking Corporation eased 0.15 percent, Seatrium Limited retreated 1.10 percent, SembCorp Industries skidded 0.77 percent, Singapore Technologies Engineering rose 0.25 percent, SingTel shed 0.43 percent, Thai Beverage slumped 0.97 percent, Wilmar International fell 0.30 percent, Yangzijiang Financial rallied 1.49 percent, Yangzijiang Shipbuilding tumbled 1.18 percent and DBS Group and SATS were unchanged.

The lead from Wall Street is uninspired as the major averages opened mixed on Tuesday and ended little changed and on opposite sides of the line.

The Dow slumped 96.82 points or 0.25 percent to finish at 38,972.41, while the NASDAQ added 59.05 points or 0.37 percent to close at 16,035.30 and the S&P 500 rose 8.65 points or 0.17 percent to end at 5,078.18.

Traders stuck to the sidelines ahead of the release of some key economic data later this week, including a closely watched inflation reading.

The inflation data could have a notable impact on the outlook for interest rates, as Fed officials have said they need greater confidence inflation is slowing before cutting rates.

In economic news, the Commerce Department noted a substantial decrease in new orders for U.S. manufactured durable goods in January. Also, the Conference Board released a report showing an unexpected deterioration in U.S. consumer confidence in February.

Oil prices moved higher Tuesday on supply concerns due to the disruptions in the Red Sea route and amid uncertainty about a cease-fire in the Israel-Hamas war. West Texas Intermediate Crude oil futures for April ended higher by $1.29 or 1.66 percent at $78.87 a barrel. – RTT News

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