Singapore Stock Market Expected To Find Support

(RTTNews) - The Singapore stock market has finished lower in two straight sessions, sliding almost 50 points or 1.6 percent along the way. The Straits Times Index now rests just above the 3,145-point plateau although it's tipped to open higher on Wednesday.

The global forecast for the Asian markets is broadly positive on an improved outlook for trade between the United States and China, and the resulting surge in crude oil prices. The European and U.S. markets were firmly higher and the Asian bourses are expected to open in similar fashion.

The STI finished modestly lower on Tuesday as losses from the financial shares and industrials were mitigated by support from the property sector.

For the day, the index lost 22.21 points or 0.70 percent to finish at 3,146.73 after trading between 3,132.20 and 3,149.22.

Among the actives, Comfort DelGro plummeted 3.68 percent, while SingTel plunged 2.45 percent, Thai Beverage tumbled 2.40 percent, SembCorp Industries soared 1.34 percent, Singapore Exchange spiked 1.23 percent, Singapore Technologies Engineering jumped 1.18 percent, United Overseas Bank skidded 1.15 percent, Hutchison Port Holdings retreated 1.05 percent, CapitaLand Commercial Trust climbed 0.98 percent, Oversea-Chinese Banking Corporation dropped 0.81 percent, Wilmar International advanced 0.75 percent, Keppel Corp declined 0.67 percent, DBS Group shed 0.52 percent, CapitaLand Mall Trust added 0.38 percent, Ascendas REIT rose 0.33 percent and Yangzijiang Shipbuilding, Genting Singapore, Golden Agri-Resources and Singapore Airlines all were unchanged.

The lead from Wall Street is firmly upbeat as stocks moved higher early Tuesday and only got stronger as the day progressed.

The Dow climbed 372.54 points or 1.44 percent to 26,279.91, while the NASDAQ surged 152.95 points or 1.95 percent to 8,016.36 and the S&P 500 jumped 42.57 points or 1.48 percent to 2,926.32.

The rally on Wall Street came after U.S. Trade Representative Robert Lighthizer offered a temporary reprieve in the U.S.-China trade war by announcing a delay in imposing new tariffs on certain Chinese products. Lighthizer said the 10 percent tariff set to take effect on September 1 will be delayed until December 15 for certain products.

The announcement comes less than two weeks after President Donald Trump announced plans to impose a 10 percent tariff on the remaining $300 billion worth of Chinese imports, sparking a sell-off on Wall Street.

In U.S. economic news, the Labor Department said consumer prices rose in line with estimates in July, although the report also showed another bigger than expected increase in core consumer prices.

Crude oil prices shook off early weakness and posted a modest recovery on Tuesday following news of the delay in tariffs. West Texas Intermediate climbed $2.42 or 4.42 percent to $57.20 after the trade announcement after moving as low as $54.78 earlier in the day.
See also:
Leave a comment
  • Latest
  • Read
  • Commented
Calendar Content
«    Январь 2020    »