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Singapore Bourse May Find Traction On Wednesday

(RTTNews) - The Singapore stock market has moved lower in two straight sessions, sliding nearly 40 points or 1.3 percent along the way. The Straits Times Index now rests just beneath the 3,035-point plateau although it's likely to stop the bleeding on Wednesday.

The global forecast for the Asian markets is upbeat on solid earnings news and support from crude oil prices. The European and U.S. markets were firmly higher and the Asian bourses figure to follow suit.

The STI finished modestly lower on Tuesday following mixed performances from the financial shares and industrial issues.

For the day, the index sank 11.66 points or 0.38 percent to finish at 3,034.31 after trading between 3,030.21 and 3,058.97. Volume was 1.8 billion shares worth 950.6 million Singapore dollars. There were 185 gainers and 179 decliners.

Among the actives, Golden Agri-Resources surged 2.13 percent, while Hutchison Port Holdings plummeted 2.04 percent, Yangzijiang Shipbuilding soared 1.61 percent, Genting Singapore plunged 1.59 percent, Singapore Press Holdings tumbled 1.53 percent, Comfort DelGro spiked 1.42 percent, SembCorp Industries skidded 1.02 percent, DBS Group dropped 0.98 percent, CapitaLand Mall Trust jumped 0.96 percent, Keppel Corp shed 0.89 percent, Oversea-Chinese Banking Corporation lost 0.75 percent, United Overseas Bank collected 0.60 percent, Wilmar International and CapitaLand both added 0.33 percent and CapitaLand Commercial Trust, SingTel, Thai Beverage and Ascendas REIT were unchanged.

The lead from Wall Street is broadly positive as stocks moved sharply higher on Tuesday, offsetting the losses from the previous session.

The Dow jumped 547.87 points or 2.17 percent to 25,798.42, while the NASDAQ spiked 214.75 points or 2.89 percent to 7,645.49 and the S&P jumped 59.13 points or 2.15 percent to 2,809.92.

The rally on Wall Street followed upbeat earnings news from several big-name companies, including Johnson & Johnson (JNJ), UnitedHealth (UNH), Goldman Sachs (GS) and Morgan Stanley (MS).

Buying interest was also generated by positive economic data, including a report from the Federal Reserve showing industrial production increased in line with estimates in September. Also, the National Association of Home Builders noted an unexpected uptick in homebuilder confidence in October.

Crude oil futures were slightly higher on Tuesday on reports that Iranian crude exports dropped in the first two weeks of October. Crude oil futures for November ended up $0.14 or 0.2 percent at $71.92 a barrel.

Closer to home, Singapore will release September figures for imports, exports and trade balance later today. In August, imports were worth SGD43.81 billion and exports were at SGD50.46 billion for a trade surplus of SGD6.65 billion.
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