Losing Streak Expected To Continue For Singapore Bourse

(RTTNews) - The Singapore stock market has moved lower in three straight sessions, sliding more than 25 points or 0.8 percent along the way. The Straits Times Index now rests just beneath the 3,190-point plateau and it may extend its futility on Tuesday.

The global forecast for the Asian markets is negative as soft data stoked fears for the health of the world economy. The European and U.S. markets were down and the Asian bourses are predicted to open in similar fashion.

The STI finished slightly lower on Monday as losses from the financial shares and properties were tempered by support from the industrial issues.

For the day, the index lost 5.95 points or 0.19 percent to finish at 3,187.97 after trading between 3,184.77 and 3,208.70. Volume was 888.19 million shares worth 975.74 million Singapore dollars. There were 186 gainers and 177 decliners.

Among the actives, Yangzijiang Shipbuilding surged 3.88 percent, while SingTel soared 2.37 percent, Singapore Technologies Engineering plummeted 0.97 percent, SembCorp Industries spiked 0.91 percent, Singapore Exchange accelerated 0.90 percent, CapitaLand Mall Trust tumbled 0.79 percent, Keppel Corp jumped 0.74 percent, Genting Singapore climbed 0.54 percent, CapitaLand Commercial Trust advanced 0.50 percent, DBS Group skidded 0.48 percent, Mapletree Commercial Trust added 0.42 percent, Ascendas REIT dropped 0.34 percent, Oversea-Chinese Banking Corporation shed 0.28 percent, CapitaLand gained 0.27 percent, Wilmar International rose 0.24 percent, United Overseas Bank lost 0.19 percent and Thai Beverage, Golden Agri-Resources and Comfort DelGro were unchanged.

The lead from Wall Street is soft as stocks showed a notable move to the downside on Monday, extending losses from the previous session and pulling back further from the record highs set last Wednesday.

The Dow shed 268.37 points or 0.96 percent to 27,783.04, while the NASDAQ lost 97.48 points or 1.12 percent to 8,567.99 and the S&P 500 fell 27.11 points or 0.86 percent to 3,113.87.

The continued weakness on Wall Street followed a report from the Institute for Supply Management noting continued contraction in U.S. manufacturing activity in November. A separate report from the Commerce Department showed an unexpected decrease in U.S. construction spending in October.

Traders also reacted to President Donald Trump announcing plans to reinstate tariffs on metal imports from Brazil and Argentina.

The price of crude oil regained some ground during on Monday following Friday's substantial decline. Crude oil for February delivery climbed $0.79 or 1.4 percent to $55.96 a barrel after plummeting $2.94 or 5.1 percent to $55.17 a barrel in the previous session.

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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