Singapore Bourse Likely To Remain Rangebound

(RTTNews) - The Singapore stock market on Monday ended the four-day winning streak in which it had gathered more than 110 points or 3.5 percent. The Straits Times Index now rests just above the 3,310-point and it's looking at a narrow trading range on Tuesday.

The global forecast for the Asian markets is murky, with trade and geopolitical concerns in focus. The European and U.S. markets were mixed but little changed and the Asian bourses are predicted to follow that lead.

The STI finished modestly lower on Monday following losses from the financial shares and mixed performances from the properties and industrials.

For the day, the index fell 9.87 points or 0.30 percent to finish at 3,311.53 after trading between 3,303.01 and 3,315.25. Volume was 1.38 billion shares worth 1.01 billion Singapore dollars. There were 214 decliners and 169 gainers.

Among the actives, Thai Beverage surged 3.68 percent, while Golden Agri-Resources soared 3.39 percent, United Overseas Bank plummeted 1.75 percent, SembCorp Industries tumbled 1.63 percent, CapitaLand Mall Trust spiked 1.56 percent, Yangzijiang Shipbuilding jumped 1.33 percent, Genting Singapore skidded 1.08 percent, Ascendas REIT dropped 0.99 percent, Singapore Exchange retreated 0.88 percent, Keppel Corp declined 0.75 percent, Comfort DelGro sank 0.74 percent, Oversea-Chinese Banking Corporation shed 0.62 percent, DBS Group lost 0.58 percent, CapitaLand advanced 0.57 percent, SingTel added 0.29 percent and Hutchison Port Holdings, CapitaLand Commercial Trust, Singapore Technologies Engineering and Wilmar International were unchanged.

The lead from Wall Street provides little clarity as stocks continued to see choppy trading Monday, showing a lack of direction before closing mixed.

The Dow added 8.41 points or 0.03 percent to end at 26,727.54, while the NASDAQ lost 26.01 points or 0.32 percent to 8,005.70 and the S&P 500 fell 5.11 points or 0.17 percent to 2,945.35.

Traders seemed reluctant to make big moves ahead of the highly anticipated G20 summit in Osaka, Japan, later this week. U.S. President Donald Trump and Chinese President Xi Jinping are scheduled to meet during the summit in an effort to kick start stalled trade negotiations.

Rising tensions between the U.S. and Iran also kept traders on the sidelines, with Trump announcing new sanctions on Iran after an unmanned U.S. surveillance drone was recently shot down by Iranian forces.

Crude oil futures ended higher Monday, extending gains to a third straight session amid rising tensions between the U.S. and Iran. West Texas Intermediate Crude oil futures for August ended up $0.47 or 0.8 percent at $57.90 a barrel, the highest settlement since May 29.
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