Little Movement Anticipated For Singapore Stock Market

(RTTNews) - The Singapore stock market on Wednesday wrote a finish to the three-day slide in which it had fallen almost 30 points or 1 percent. The Straits Times Index now sits just above the 3,180-point plateau and now it's likely to be rangebound on Thursday.

The global forecast for the Asian markets is mixed to lower on economic growth concerns, coronavirus woes and tumbling oil prices. The European markets were up and the U.S. bourses were mostly lower and the Asian markets figure to follow the latter lead.

The STI finished sharply higher on Wednesday following gains from the financial shares, property stocks and industrial issues.

For the day, the index retreated 33.65 points or 1.07 percent to finish at 3,182.90 after trading between 3,147.62 and 3,190.60. Volume was 1.68 billion shares worth 1.52 billion Singapore dollars. There were 294 gainers and 210 decliners.

Among the actives, Ascendas REIT and Comfort DelGro both advanced 1.28 percent, while CapitaLand was up 0.49 percent, CapitaLand Integrated Commercial Trust shed 0.47 percent, City Developments gained 0.89 percent, Dairy Farm International plummeted 1.90 percent, DBS Group collected 1.22 percent, Keppel Corp soared 2.39 percent, Mapletree Commercial Trust spiked 2.35 percent, Mapletree Logistics Trust jumped 1.90 percent, Oversea-Chinese Banking Corporation climbed 1.80 percent, SATS rose 0.76 percent, SembCorp Industries sank 0.48 percent, Singapore Airlines perked 1.40 percent, Singapore Exchange added 1.01 percent, Singapore Technologies Engineering strengthened 0.50 percent, Thai Beverage surged 3.10 percent, United Overseas Bank gathered 1.78 percent, Wilmar International accelerated 2.26 percent, Yangzijiang Shipbuilding rallied 2.88 percent and Genting Singapore, Singapore Press Holdings and SingTel were unchanged.

The lead from Wall Street remains inconsistent as the Dow and S&P opened firmly lower on Wednesday and stayed that way - but the NASDAQ hugged the unchanged line and finished slightly higher.

The Dow tumbled 323.73 points or 0.92 percent to finish at 34,792, while the NASDAQ rose 19.24 points or 0.13 percent to close at 14,780.53 and the S&P 500 sank 20.49 points or 0.46 percent to end at 4,402.66.

The weakness on Wall Street reflected renewed concerns about the pace of U.S. economic growth after payroll processor ADP said private sector employment increased less than expected in July.

On Friday, the Labor Department will release its more closely watched monthly jobs report, which includes both public and private sector jobs.

A steep drop by shares of General Motors (GM) also weighed on Wall Street, with the auto giant plunging by 8.9 percent to a five-month closing low after the company reported second quarter earnings that missed estimates.

Crude oil prices plummeted again on Wednesday, extending the sharp pullback seen over the two previous sessions following an unexpected increase in crude oil inventories last week. West Texas Intermediate crude sank $2.41 or 3.4 percent to $68.15 a barrel.

Closer to home, Singapore will see June data for retail sales later today; in May, sales were down 6.8 percent on month and up 79.7 percent on year.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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