Losing Streak May Continue For Singapore Stock Market

(RTTNews) - The Singapore stock market has finished lower in four straight sessions, skidding more than 40 points or 1.3 percent along the way. The Straits Times Index now rests just above the 3,170-point plateau and it's tipped to open in the red again on Wednesday.

The global forecast for the Asian markets is negative on continuing concerns over the trade dispute between the United States and China. The European markets were mixed and the U.S. markets were down and the Asian bourses are also tipped to open in the red.

The STI finished modestly lower on Tuesday following losses from the financial shares and industrial issues, while the properties came in mixed.

For the day, the index lost 14.89 points or 0.47 percent to finish at 3,173.08 after trading between 3,160.93 and 3,186.64. Volume was 1.60 billion shares worth 1.26 billion Singapore dollars. There were 257 decliners and 119 gainers.

Among the actives, Golden Agri-Resources surged 4.65 percent, while Singapore Press Holdings plummeted 2.26 percent, SembCorp Industries plunged 1.81 percent, SingTel tumbled 1.16 percent, Singapore Airlines skidded 1.09 percent, CapitaLand and Genting Singapore both retreated 1.08 percent, Ascendas REIT climbed 1.01 percent, Yangzijiang Shipbuilding declined 0.93 percent, United Overseas Bank dropped 0.89 percent, Dairy Farm International advanced 0.87 percent, Singapore Technologies Engineering sank 0.73 percent, DBS Group shed 0.60 percent, Keppel Corp lost 0.59 percent, Thai Beverage added 0.56 percent, Oversea-Chinese Banking Corporation and Singapore Exchange both fell 0.56 percent, CapitaLand Commercial Trust slid 0.50 percent, Comfort DelGro gained 0.43 percent, Mapletree Commercial Trust was down 0.42 percent, Wilmar International rose 0.24 percent and Hongkong Land and CapitaLand Mall Trust were unchanged.

The lead from Wall Street is soft as stocks opened sharply lower on Tuesday, regained some ground but still finished firmly in the red.

The Dow shed 280.23 points or 1.01 percent to 27,502.81, while the NASDAQ lost 47.34 points or 0.55 percent to 8,520.64 and the S&P 500 fell 20.67 points or 0.66 percent to 3,093.20.

The early sell-off on Wall Street came amid renewed trade concerns after President Donald Trump suggested he might prefer to wait until after the 2020 elections to strike a trade deal with China.

The comments from the president added to rising trade concerns after his administration threatened to impose duties of up to 100 percent on $2.4 billion in French imports, including champagne and handbags.

After recovering from an early move to the downside, the price of crude oil fluctuated over the course of the trading day on Tuesday. Crude oil for January delivery eventually ended the day up $0.14 or 0.3 percent at $56.10 after falling as low as $55.35 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.

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