Singapore Shares Figure To Remain Rangebound

(RTTNews) - The Singapore stock market bounced higher again on Tuesday, one session after it had snapped the seven-day winning streak in which it had picked up more than 120 points or 3.9 percent. The Straits Times Index now rests just above the 3,325-point plateau although it's likely to see renewed consolidation again on Wednesday.

The global forecast for the Asian markets is negative on trade issues, concerns over quarterly results 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 modestly higher on Tuesday following gains from the financial shares and plantation stocks.

For the day, the index picked up 10.18 points or 0.31 percent to finish at 3,325.60 after trading between 3,313.04 and 3,329.67. Volume was 1.15 billion shares worth 1.07 billion Singapore dollars. There were 202 gainers and 175 decliners.

Among the actives, Golden Agri-Resources surged 1.59 percent, while SingTel soared 1.31 percent, Yangzijiang Shipbuilding spiked 1.24 percent, Comfort DelGro jumped 1.17 percent, Keppel Corp climbed 1.06 percent, Genting Singapore tumbled 1.02 percent, CapitaLand Mall Trust advanced 0.84 percent, SembCorp Industries skidded 0.73 percent, Ascendas REIT added 0.69 percent, DBS Group collected 0.67 percent, Thai Beverage dropped 0.60 percent, Oversea-Chinese Banking Corporation gained 0.34 percent, CapitaLand rose 0.27 percent and Hutchison Port Holdings, Singapore Press, CapitaLand Commercial Trust, United Overseas Bank and Wilmar International all were unchanged.

The lead from Wall Street is soft as stocks opened lower on Tuesday, pared their losses as the day progressed but still finished firmly in the red.

The Dow shed 190.44 points or 0.72 percent to finish at 26,150.58, while the NASDAQ lost 44.61 points or 0.56 percent to 7,909.28 and the S&P 500 fell 17.57 points or 0.61 percent to 2,878.20.

The weakness on Wall Street came as traders went to safe havens ahead of earnings season. Financial giants JPMorgan Chase (JPM) and Wells Fargo (WFC) are due to report quarterly results on Friday, shedding light on a difficult quarter.

Concerns about the global economic outlook also weighed on markets after President Donald Trump threatened to impose tariffs on European goods in response to European Union subsidies to Airbus.

The trade dispute between Trump and the EU comes amid lingering uncertainty about the U.S. and China reaching a final trade agreement.

Crude oil futures pared early gains and ended lower on Tuesday on Russia's comments that it is likely to increase crude production. West Texas Intermediate Crude oil futures for May ended down $0.42 at $63.98 a barrel.
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