(RTTNews) - The Singapore stock market on Thursday ended the two-day winning streak in which it had gained more than 60 points or 1.2 percent. The Straits Times Index now rests just beneath the 4,890-point plateau and the losses may accelerate on Friday.
The global forecast for the Asian markets is negative on concerns over the conflict in the Middle East. The European and U.S. markets were sharply lower and the Asian bourses figure to follow that lead.
The STI finished modestly lower on Thursday following losses from the property stocks and trusts, while the banks came in mixed.
For the day, the index lost 16.78 points or 0.34 percent to finish at the daily low of 4,887.76 after peaking at 4,934.54.
Among the actives, CapitaLand Ascendas REIT contracted 1.20 percent, while CapitaLand Integrated Commercial Trust slipped 0.43 percent, CapitaLand Investment tumbled 1.83 percent, City Developments tanked 2.01 percent, DBS Group eased 0.10 percent, DFI Retail Group plunged 2.07 percent, Hongkong Land plummeted 2.84 percent, Keppel DC REIT lost 0.46 percent, Keppel Ltd declined 1.45 percent, Mapletree Pan Asia Commercial Trust dropped 0.76 percent, Mapletree Industrial Trust shed 0.51 percent, Mapletree Logistics Trust skidded 0.85 percent, Oversea-Chinese Banking Corporation collected 0.61 percent, SATS cratered 2.20 percent, Seatrium Limited stumbled 1.72 percent, Singapore Airlines fell 0.45 percent, Singapore Exchange added 0.57 percent, Singapore Technologies Engineering sank 0.55 percent, SingTel dipped 0.40 percent, Thai Beverage slumped 1.16 percent, United Overseas Bank rose 0.25 percent, UOL Group crashed 2.15 percent, Wilmar International climbed 1.09 percent, Yangzijiang Shipbuilding retreated 1.53 percent and Genting Singapore and SembCorp Industries were unchanged.
The lead from Wall Street is bleak as the major averages opened lower on Thursday and continued to trend sharply lower as the day progressed, ending at session lows.
The Dow tumbled 469.38 points or 1.01 percent to finish at 45,960.11, while the NASDAQ plummeted 521.75 points or 2.38 percent to close at 21,408.08 and the S&P 500 slumped 114.74 points or 1.74 percent to end at 6,477.16.
The sell-off on Wall Street extended the see-saw trend seen over the past few sessions, as traders reacted to continued volatility by the price of crude oil.
Crude prices skyrocketed Thursday as the U.S.-Iran standoff over the 15-point peace proposal deepens the Middle East conflict. West Texas Intermediate crude for May delivery was up $4.51 or 4.99 percent at $94.83 per barrel.
Concerns about further widening of the conflict also weighed on the markets after several Gulf countries issued a joint statement condemning Iran's "criminal" attacks on their energy infrastructure.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
