The Singapore stock market has moved lower in four straight sessions, sinking more than 85 points or 2.7 percent along the way. The Straits Times Index now sits just beneath the 3,140-point plateau and it may take further damage on Thursday.
The global forecast for the Asian markets is one of caution ahead of key U.S. inflation data later today. The European markets were mixed and the U.S. bourses were down and the Asian markets figure to split the difference.
The STI finished modestly lower on Wednesday following losses from the financial shares and mixed performances from the properties and industrials.
For the day, the index lost 18.39 points or 0.58 percent to finish at 3,138.93 after trading between 3,134.43 and 3,154.99.
Among the actives, CapitaLand Integrated Commercial Trust lost 0.52 percent, while CapitaLand Investment spiked 1.46 percent, City Developments surrendered 3.02 percent, DBS Group fell 0.15 percent, Genting Singapore plummeted 3.78 percent, Hongkong Land rallied 0.61 percent, Keppel DC REIT shed 0.58 percent, Keppel Ltd slumped 0.97 percent, Mapletree Pan Asia Commercial Trust dropped 0.73 percent, Mapletree Industrial Trust skidded 0.87 percent, Mapletree Logistics Trust declined 1.34 percent, Oversea-Chinese Banking Corporation tumbled 2.25 percent, SATS stumbled 1.14 percent, Seatrium Limited plunged 3.33 percent, SembCorp Industries tanked 3.10 percent, SingTel added 0.43 percent, UOL Group soared 2.33 percent, Wilmar International sank 0.60 percent, Yangzijiang Financial retreated 1.47 percent, Yangzijiang Shipbuilding surged 4.19 percent and Ascendas REIT, Comfort DelGro, Emperador, Thai Beverage and Singapore Technologies Engineering were unchanged.
The lead from Wall Street is weak as the major averages opened sharply lower on Wednesday, pared their losses as the day progressed but still ended in the red.
The Dow shed 23.39 points or 0.06 percent to finish at 38,949.02, while the NASDAQ dropped 87.56 points or 0.55 percent and the S&P 500 sank 8.42 points or 0.17 percent to end at 5,069.76.
The early weakness on Wall Street came as traders looked to cash in on the recent strength in the markets ahead of the release of closely watched readings on consumer price inflation later today.
With Federal Reserve officials saying they need greater confidence inflation is slowing before they consider cutting interest rates, the data could have a significant impact on the outlook for rates.
In economic news, the Commerce Department said the jump by real gross domestic product in the fourth quarter was downwardly revised to 3.2 percent from the previously reported 3.3 percent.
Oil prices fell on Wednesday after data showed a much larger than expected increase in U.S. crude inventories last week. West Texas Intermediate Crude oil futures for April ended down $0.33 or 0.42 percent at $78.54 a barrel. – RTT News
