News Analyst
(RTTNews) – The Singapore stock market on Tuesday ended the six-day winning streak in which it had surged almost 185 points or 5.1 percent. The Straits Times Index now sits just above the 3,710-point plateau and it’s expected to open under pressure again on Wednesday.
The global forecast for the Asian markets is negative ahead of key U.S. inflation data later today. The European and U.S. markets were down and the Asian bourses are expected to follow suit.
The STI finished modestly lower on Tuesday as losses from the financial shares and property stocks were mitigated by support from the industrials.
For the day, the index sank 27.99 points or 0.75 percent to finish at 3,711.48 after trading between 3,699.91 and 3,736.99.
Among the actives, CapitaLand Integrated Commercial Trust fell 0.35 percent, while CapitaLand Investment lost 0.51 percent, City Developments advanced 0.58 percent, DBS Group slumped 0.96 percent, Genting Singapore climbed 0.64 percent, Hongkong Land stumbled 1.54 percent, Keppel DC REIT strengthened 1.36 percent, Keppel Ltd was up 0.16 percent, Mapletree Logistics Trust shed 0.77 percent, Oversea-Chinese Banking Corporation dropped 0.92 percent, SATS sank 0.80 percent, Seatrium Limited retreated 1.03 percent, SembCorp Industries rallied 1.20 percent, Singapore Technologies Engineering added 0.43 percent, SingTel tumbled 1.25 percent, Thai Beverage declined 0.97 percent, Wilmar International rose 0.32 percent, Yangzijiang Shipbuilding jumped 1.58 percent and Mapletree Pan Asia Commercial Trust, Mapletree Industrial Trust, Yangzijiang Financial, Comfort DelGro and Emperador were unchanged.
The lead from Wall Street is soft as the major averages opened slightly higher but quickly headed south and stayed in the red, finishing with modest losses.
The Dow stumbled 382.15 points or 0.86 percent to finish at 43,910.98, while the NASDAQ slipped 17.36 points or 0.09 percent to close at 19,281.40 and the S&P 500 sank 17.36 points or 0.29 percent to end at 5,983.99.
The pullback on Wall Street reflected profit taking as some traders looked to cash in on the recent strength in the markets following the U.S. elections.
Also, traders seemed reluctant to make more significant moves ahead of the highly anticipated report on consumer price inflation, due out later today.
Oil prices edged up only a bit on Tuesday after OPEC lowered its global oil demand forecast for 2025, while the dollar’s continued strength hurt as well. West Texas Intermediate Crude oil futures for December rose $0.08 at $68.12 a barrel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
