Singapore Stock Market May Extend Tuesday's Losses

(RTTNews) - Ahead of Wednesday's Labor Day holiday, the Singapore stock market had ended the two-day winning streak in which it had advanced more than 55 points or 0.8 percent. The Straits Times Index now rests just above the 3,400-point plateau and it's looking at another soft start again on Thursday.

The global forecast for the Asian markets is soft on the outlook for interest rates and on sliding crude oil prices. The European markets were mixed and little changed and the U.S. bourses were down and the Asian markets figure to follow the latter lead.

The STI finished slightly lower on Tuesday following losses from the financial shares and industrial issues, while the property stocks were mixed.

For the day, the index sank 6.82 points or 0.20 percent to finish at 3,400.20 after trading between 3,387.46 and 3,412.47. Volume was 911.33 million shares worth 1.26 billion Singapore dollars. There were 239 decliners and 153 gainers.

Among the actives, Hutchison Port Holdings plunged 2.08 percent, while CapitaLand Mall Trust soared 1.68 percent, CapitaLand tumbled 1.67 percent, SembCorp Industries skidded 1.12 percent, Yangzijiang Shipbuilding dropped 0.63 percent, Thai Beverage spiked 0.60 percent, DBS Group sank 0.53 percent, CapitaLand Commercial Trust shed 0.51 percent, United Overseas Bank and Singapore Technologies both lost 0.50 percent, Ascendas REIT fell 0.33 percent, SingTel added 0.32 percent, Keppel Corp slid 0.29 percent, Wilmar International dipped 0.27 percent, Oversea-Chinese Banking Corporation eased 0.17 percent and Comfort DelGro, Golden Agri-Resources, Singapore Exchange and Genting Singapore all were unchanged.

The lead from Wall Street is negative as stocks shook off early support on Wednesday and finished firmly in the red.

The Dow shed 162.77 points or 0.61 percent to finish at 26,430.14, while the NASDAQ lost 45.75 points or 0.57 percent to 8,049.64 and the S&P 500 fell 22.10 points or 0.75 percent to 2,923.73.

The late-day pullback came after Federal Reserve Chairman Jerome Powell dashed traders' hopes for a near-term interest rate cut. The comments from Powell came after the Fed announced its widely expected decision to leave interest rates unchanged at 2.25 to 2.50 percent for the third straight meeting.

Meanwhile, traders were also reacting to mixed economic data, as separate reports showed a jump in private sector employment and a significant slowdown in growth in the manufacturing sector.

Crude oil prices slid Wednesday after data showed a larger than expected increase in U.S. crude stockpiles last week. West Texas Intermediate Crude oil futures for June settled at $63.62 a barrel, losing $0.15 or 0.24 percent for the session.
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