Rally May Stall For Singapore Stock Market


The Singapore stock market has moved higher in three straight sessions, collecting more than 25 points or 0.8 percent along the way. The Straits Times Index now sits just above the 3,325-point plateau although it’s likely to run out of steam on Wednesday.

The global forecast for the Asian markets is a mixed bag, with weakness among the financials and oil companies likely countered by support from the technology shares. The European markets were down and the U.S. bourses were mixed and the Asian markets figure to split the difference.

The STI finished modestly higher on Tuesday as gains from the industrials and trusts were capped by weakness from the property sector.

For the day, the index added 12.14 points or 0.37 percent to finish at 3,326.28 after trading between 3,309.68 and 3,329.24

Among the actives, CapitaLand Integrated Commercial Trust surged 1.03 percent, while City Developments slid 0.19 percent, Comfort DelGro slumped 0.74 percent, DBS Group collected 0.31 percent, Hongkong Land sank 0.62 percent, Keppel DC REIT added 0.56 percent, Mapletree Pan Asia Commercial Trust spiked 0.81 percent, Mapletree Industrial Trust gained 0.47 percent, Mapletree Pan Asia Commercial Trust spiked 0.81 percent, Mapletree Industrial Trust gained 0.47 percent, Mapletree Logistics Trust rallied 0.76 percent, Oversea-Chinese Banking Corporation jumped 0.70 percent, SATS stumbled 1.04 percent, Seatrium Limited climbed 0.68 percent, SembCorp Industries advanced 0.60 percent, Singapore Technologies Engineering soared 0.98 percent, SingTel gathered 0.38 percent, Thai Beverage retreated 1.06 percent, Wilmar International perked 0.32 percent, Yangzijiang Financial tumbled 1.43 percent, Yangzijiang Shipbuilding rose 0.40 percent and Emperador, Genting Singapore, CapitaLand Investment and Keppel Ltd were unchanged.

The lead from Wall Street remains divergent as the major averages opened mixed and finished the same way.

The Dow tumbled 299.05 points or 0.76 percent to finish at 39,112.16, while the NASDAQ rallied 220.84 points or 1.26 percent to close at 17,717.65 and the S&P 500 gained 21.43 points or 0.39 percent to end at 5,469.30.

The session-long strength in the tech-heavy NASDAQ was fueled by a rebound of Nvidia stocks after recent losses. Meta Platforms, Alphabet, Apple Inc., Eli Lilly, Micron Technology also posted strong gains.

Boeing, Nike, Goldman Sachs, IBM, Pfizer, McDonalds Corporation, Wells Fargo, Bank of America, Home Depot and Johnson & Johnson declined sharply, weighing on the Dow.

In economic news, the Chicago Fed National Activity Index, which measures overall economic activity and inflationary pressure, rose in May for the first time in three months. Also, the Conference Board said consumer confidence in the U.S. eased slightly in June.

Oil prices fell on Tuesday as traders booked some profits ahead of crucial U.S. inflation data due later in the week. West Texas Intermediate Crude oil futures for August ended down by $0.80 or nearly 1 percent at $80.83 a barrel.

Closer to home, Singapore will release May figures for industrial output later today. Production is expected to climb 9.5 percent on month and 2.8 percent on year after rising 7.1 percent on month and sinking 1/6 percent on year in April. — RTT News

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