Losing Streak May Continue For Singapore Stock Market

(RTTNews) - The Singapore stock market has moved lower in two straight sessions, sinking more than 50 points or 1.6 percent along the way. The Straits Times Index now sits just above the 3,170-point plateau and it may take further damage on Tuesday.

The global forecast for the Asian markets is cautious ahead of key economic data later this week. The European markets were mixed and the U.S. bourses were down and the Asian markets figure to follow the latter lead.

The STI finished modestly lower on Monday following losses from the property stocks and mixed performances from the financials, REITs and industrials. For the day, the index lost 13.79 points or 0.43 percent to finish at 3,171.12 after trading between 3,152.87 and 3,174.74.

Among the actives, Ascendas REIT climbed 0.72 percent, while CapitaLand Integrated Commercial Trust, CapitaLand Investment was down 0.36 percent, City Developments retreated 0.99 percent, Comfort DelGro and Mapletree Pan Asia Commercial Trust both dropped 0.72 percent, DBS Group declined 0.98 percent, Genting Singapore tanked 1.61 percent, Hongkong Land lost 0.61 percent, Keppel DC REIT slid 0.51 percent, Keppel Ltd sank 0.69 percent, Mapletree Industrial Trust rallied 0.86 percent, Mapletree Logistics Trust shed 0.66 percent, Oversea-Chinese Banking Corporation eased 0.30 percent, SATS jumped 1.15 percent, Seatrium Limited plunged 2.15 percent, SembCorp Industries dipped 0.38 percent, SingTel tumbled 1.27 percent, Thai Beverage slumped 0.96 percent, Venture Corporation surged 4.96 percent, Wilmar International fell 0.59 percent, Yangzijiang Financial spiked 1.52 percent, Yangzijiang Shipbuilding soared 1.81 percent and Emperador, Singapore Technologies Engineering, Frasers Logistics and DFI Retail were unchanged.

The lead from Wall Street is weak as the major averages opened slightly higher on Monday but faded as the day progressed, ending with mild losses.

The Dow shed 62.30 points or 0.16 percent to finish at 39,069.23, while the NASDAQ lost 20.57 points or 0.13 percent to close at 15,976.25 and the S&P 500 fell 19.27 points or 0.38 percent to end at 5,069.53.

The choppy trading on Wall Street comes as traders seem be reluctant to make significant moves as they digest last week's gains, which lifted the Dow and S&P 500 to new record highs.

Traders were also cautious ahead of key inflation reports later this week from Germany, France and Spain - as well as the U.S. Federal Reserve's favored core measure of personal consumption expenditure prices.

In economic news, the Commerce Department reported a continued rebound in new home sales in the U.S. in January, although the increase fell short of estimates.

Oil prices pared early losses and climbed higher on Monday as continued attacks by Houthi militants in the Red Sea route raised concerns about supply. West Texas Intermediate Crude oil futures for April ended higher by $1.09 or 1.4 percent at $77.58 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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