Singapore Shares May Snap Losing Streak

(RTTNews) - The Singapore stock market has finished lower in back-to-back sessions, sliding almost 30 points or 0.9 percent along the way. The Straits Times Index now rests just above the 3,180-point plateau although it may find traction on Wednesday.

The global forecast for the Asian markets suggests mild upside ahead of the Federal Reserve's monetary policy announcement later today. The European markets were down and the U.S. bourses were up slightly and the Asian markets are tipped to follow the latter lead.

The STI finished modestly lower on Tuesday following losses from the financial shares and property stocks.

For the day, the index slid 20.93 points or 0.65 percent to finish at 3,183.00 after trading between 3,180.65 and 3,206.85. Volume was 1.02 billion shares worth 838.33 million Singapore dollars. There were 224 decliners and 154 gainers.

Among the actives, Golden Agri-Resources plummeted 3.64 percent, while CapitaLand plunged 1.67 percent, Ascendas REIT tumbled 1.29 percent, Hutchison Port Holdings soared 1.27 percent, Thai Beverage skidded 1.09 percent, Singapore Technologies dropped 1.02 percent, Singapore Press Holdings jumped 0.98 percent, SingTel retreated 0.93 percent, Wilmar International climbed 0.78 percent, Singapore Exchange declined 0.70 percent, DBS Group sank 0.51 percent, Keppel Corp shed 0.48 percent, SembCorp Industries advanced 0.45 percent, Oversea-Chinese Banking Corporation lost 0.45 percent, Comfort DelGro fell 0.41 percent, CapitaLand Mall Trust slid 0.38 percent, United Overseas Bank eased 0.34 percent and Yangzijiang Shipbuilding, Genting Singapore and CapitaLand Commercial Trust were unchanged.

The lead from Wall Street is cautiously optimistic as stocks showed a lack of direction Tuesday ahead of the Fed's announcement. The major averages spent most of the session bouncing back and forth across the unchanged line before endling slightly higher.

The Dow added 33.98 points or 0.13 percent to 27,110.80, while the NASDAQ gained 32.47 points or 0.40 percent to 8,186.02 and the S&P rose 7.74 points or 0.26 percent to 3,005.70.

The choppy trading came as traders seemed reluctant to make significant moves ahead of the monetary policy decision. The Fed is widely expected to lower interest rates by another 25 basis points, with traders likely to pay closer attention to the accompanying statement for clues about the long-term outlook for rates.

Uncertainty about the U.S. response to the recent attacks on Saudi Arabian oil facilities also kept some traders on the sidelines. President Donald Trump has indicated the U.S. is prepared to respond militarily but has stopped short of definitively blaming Iran for the attacks.

In economic news, the Fed said industrial output rebounded much more than anticipated in August, while the National Association of Home Builders noted an unexpected improvement in U.S. homebuilder confidence in September.

Crude oil prices retreated on Tuesday after having skyrocketed in the previous session following the drone attack on Saudi Arabian oil facilities. West Texas Intermediate Crude oil futures for October plunged $3.56 or 5.7 percent to $59.34 a barrel.
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