Losses May Accelerate For Singapore Stock Market

(RTTNews) - The Singapore stock market ticked lower again on Wednesday, one day after it had snapped the two-day slide in which it had stumbled more than 30 points or 1 percent. The Straits Times Index now rests just beneath the 3,200-point plateau and it's looking at continued consolidation on Thursday.

The global forecast for the Asian markets is negative on recession concerns and sliding crude oil prices. The European and U.S. markets were down and the Asian bourses are tipped to open in similar fashion.

The STI finished slightly lower on Wednesday following losses from the financials and industrials, while the property sector was mixed.

For the day, the index dipped 1.89 points or 0.06 percent to finish at 3,198.39 after trading between 3,191.93 and 3,214.23. Volume was 1 billion shares worth 1 billion Singapore dollars. There were 213 gainers and 173 decliners.

Among the actives, Thai Beverage surged 4.27 percent, while Golden Agri-Resources plummeted 1.82 percent, CapitaLand soared 1.44 percent, CapitaLand Mall Trust plunged 1.24 percent, Yangzijiang Shipbuilding and SingTel both tumbled 0.67 percent, Oversea-Chinese Banking Corporation skidded 0.63 percent, Singapore Exchange advanced 0.41 percent, SembCorp Industries dropped 0.40 percent, Comfort DelGro shed 0.39 percent, Ascendas REIT added 0.34 percent, Keppel Corp lost 0.32 percent, United Overseas Bank fell 0.24 percent and Hutchison Port Holdings, Singapore Airlines, CapitaLand Commercial Trust, DBS Group, Genting Singapore and Wilmar International all were unchanged.

The lead from Wall Street is soft as stocks fluctuated on Wednesday, reflecting recent volatility before ending in the red.

The Dow shed 32.14 points or 0.13 percent to 25,625.59, while the NASDAQ lost 48.15 points or 0.63 percent to 7,643.38 and the S&P 500 fell 13.09 points or 0.46 percent to 2,805.37.

The lower close on Wall Street came amid a notable drop by bond yields, which extended the downward trend seen in the past few sessions. The yield on the benchmark ten-year note ended the day at its lowest closing level since December 2017.

Bond yields have moved to the downside amid concerns about the economic outlook, with an inversion of the yield curve leading to worries about a potential recession.

Traders also reacted to a report from the Commerce Department showing the U.S. trade deficit narrowed more than expected in January due to a steep drop in the value of imports.

Crude oil futures ended lower Wednesday after the Energy Information Administration noted an unexpected increase in crude inventories last week. West Texas Intermediate Crude oil futures for May ended down $0.53 or 0.9 percent at $59.41 a barrel.
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