Little Movement Predicted For Singapore Shares
(RTTNews) - The Singapore stock market has climbed higher in two straight sessions, gathering almost 20 points or 0.6 percent along the way. The Straits Times Index now rests just beneath the 3,250-point plateau and it's expected to be rangebound again on Wednesday.
The global forecast for the Asian markets is murky thanks to ambiguity regarding trade and interest rates. The European markets were slightly higher and the U.S. bourses were mixed and little changed and the Asian markets figure to see little movement as well.
The STI finished modestly higher on Tuesday following gains from the industrials and financials, while the plantation stocks were mixed.
For the day, the index rose 12.23 points or 0.38 percent to finish at 3,248.63 after trading between 3,237.46 and 3,256.54. Volume was 1.37 billion shares worth 1.2 billion Singapore dollars. There were 226 gainers and 159 decliners.
Among the actives, Yangzijiang Shipbuilding skyrocketed 7.29 percent, while Dairy Farms International surged 4.20 percent, Golden Agri-Resources plummeted 2.22 percent, Singapore Press Holdings soared 2.22 percent, Singapore Technologies spiked 1.23 percent, SembCorp Industries jumped 0.87 percent, Singapore Exchange and Thai Beverage both accelerated 0.56 percent, Wilmar International climbed 0.52 percent, Keppel Corp advanced 0.44 percent, Comfort DelGro added 0.43 percent, Singapore Airlines dropped 0.42 percent, Mapletree Commercial Trust gathered 0.42 percent, United Overseas Bank collected 0.34 percent, DBS Group gained 0.15 percent, Oversea-Chinese Banking Corporation rose 0.09 percent and Genting Singapore, SingTel, CapitaLand and CapitaLand Commercial Trust were unchanged.
The lead from Wall Street offers little clarity as stocks showed a lack of direction on Tuesday, bouncing back and forth across the unchanged line before ending mixed.
The Dow added 30.52 points or 0.11 percent to 27,492.63, while the NASDAQ rose 1.48 points or 0.02 percent to 8,434.60 and the S&P 500 fell 3.65 points or 0.12 percent to 3,074.62.
The early strength on Wall Street came amid continued optimism about a potential U.S.-China trade deal, with President Donald Trump and Chinese President Xi Jinping expected to sign phase one of an agreement sometime this month.
Buying interest was subdued, however, as traders wait for more concrete developments before continuing to buy stocks following the recent run to record highs.
But stocks ebbed following a report from the Institute for Supply Management showing better than expected growth in the U.S. service sector in October. The data raised concerns about the outlook for interest rates after the Federal Reserve said last week it's putting further rate cuts on hold.
Crude oil for December delivery is extending to recent gains on continued optimism about the outlook for global demand. West Texas Intermediate advanced $0.70 or 1.24 percent to $57.22.
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