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Singapore Shares Tipped To End Losing Streak

(RTTNews) - The Singapore stock market has fallen lower in four straight sessions, sliding more than 65 points or 2 percent along the way. The Straits Times Index now rests just shy of the 3,220-point plateau although it may find traction on Thursday.

The global forecast for the Asian markets is positive on global trade optimism and rising crude oil prices. The European and U.S. markets were up and the Asian bourses are expected to follow that lead.

The STI finished slightly lower on Wednesday following mixed performances from the financial shares, property stocks and industrial issues.

For the day, the index dipped 4.94 points or 0.15 percent to finish at 3,218.77 after trading between 3,211.90 and 3,225.79. Volume was 1.05 billion shares worth 1.08 billion Singapore dollars. There were 220 gainers and 172 decliners.

Among the actives, Singapore Technologies Engineering plummeted 2.99 percent, while Hutchison Port Holdings plunged 2.13 percent, Thai Beverage surged 1.99 percent, Comfort DelGro tumbled 1.95 percent, Yangzijiang Shipbuilding skidded 1.35 percent, Genting Singapore retreated 1.10 percent, DBS Group collected 0.73 percent, SingTel fell 0.63 percent, Wilmar International dropped 0.57 percent, CapitaLand Commercial Trust gained 0.53 percent, Keppel Corp shed 0.47 percent, Singapore Exchange added 0.41 percent, SembCorp Industries rose 0.40 percent, CapitaLand was up 0.30 percent, United Overseas Bank dipped 0.12 percent and Singapore Press Holdings, Golden Agri-Resources, Oversea-Chinese Banking Corporation, Ascendas REIT and CapitaLand Mall Trust all were unchanged.

The lead from Wall Street is upbeat as stocks shook off initial weakness and moved mostly higher on Wednesday, continuing to recover from Monday's sell-off.

The Dow added 115.97 points or 0.45 percent to end at 25,648.02, while the NASDAQ jumped 87.65 points or 1.13 percent to 7,822.15 and the S&P 500 rose 16.55 points or 0.58 percent to 2,850.96.

The strength on Wall Street reflected a positive reaction to reports President Donald Trump plans to delay imposing steep tariffs on auto imports. Reports indicated Trump plans to delay imposing the auto tariffs by up to six months in order to allow negotiations to continue.

Stocks initially came under pressure a Commerce Department showing an unexpected pullback in U.S. retail sales in April. Negative sentiment was also generated by a Federal Reserve report showing an unexpected drop in industrial output in April.

Crude oil futures inched higher on Wednesday, despite data from the Energy Information Administration that showed an unexpected increase in U.S. crude stockpiles last week. West Texas Intermediate Crude oil futures for June ended up $0.24 at $62.02 a barrel.
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