Losses May Accelerate For Singapore Stock Market

(RTTNews) - The Singapore stock market on Thursday wrote a finish to the two-day winning streak in which it had gathered almost 25 points or 1 percent. The Straits Times Index now sits just above the 2,500-point plateau and it's looking at another soft start again on Friday.

The global forecast for the Asian markets is soft on concerns over the economic recovery following the COVID-19 pandemic. The European and U.S. markets were down and the Asian markets are tipped to open in similar fashion.

The STI finished slightly lower on Thursday following losses from the financials, gains from the properties and a mixed picture from the industrials.

For the day, the index eased 4.37 points or 0.17 percent to finish at 2,500.78 after trading between 2,494.48 and 2,517.63.

Among the actives, Singapore Press Holdings plummeted 3.64 percent, Mapletree Commercial Trust surged 2.50 percent, SembCorp Industries plunged 2.24 percent, Ascendas REIT soared 2.18 percent, Comfort DelGro tanked 1.96 percent, Singapore Technologies Engineering tumbled 1.76 percent, Dairy Farm International Holdings spiked 1.56 percent, Hongkong Land skidded 1.56 percent, DBS Group retreated 1.33 percent, Keppel Corp declined 1.18 percent, Wilmar International and CapitaLand Commercial Trust both jumped 1.16 percent, Mapletree Logistics Trust climbed 0.98 percent, Singapore Airlines surrendered 0.56 percent, United Overseas Bank sank 0.52 percent, Yangzijiang Shipbuilding advanced 0.50 percent, CapitaLand Mall Trust added 0.49 percent, SingTel gained 0.45 percent, CapitaLand dropped 0.36 percent, Oversea-Chinese Banking Corporation shed 0.35 percent, Singapore Exchange rose 0.12 percent and Genting Singapore, Thai Beverage and SATS were unchanged.

The lead from Wall Street is negative as stocks opened lower on Thursday and remained in the red all day, extending losses from the previous session.

The Dow lost 130.40 points or 0.47 percent to finish at 27.901.98, while the NASDAQ tumbled 140.19 points or 1.27 percent to end at 10.910.28 and the S&P 500 fell 28.48 points or 0.84 percent to close at 3,357.01.

The weakness on Wall Street continued after the Federal Reserve revealed plans to leave interest rates at near-zero levels for years to come - suggesting the economic recovery will not be as swift as many were hoping.

Complicating matters, U.S. lawmakers remain at an impasse over a new coronavirus stimulus bill for weeks, and the upcoming elections could make reaching a compromise more difficult.

Negative sentiment was generated in reaction to a report from the Labor Department showing first-time claims for U.S. unemployment benefits fell less than expected last week. Also, the Commerce Department said new residential construction pulled back more than expected in August.

Crude oil prices moved higher on Thursday on reports that OPEC and its allies plan to crack down on countries that failed to comply with output cuts. West Texas Intermediate Crude oil futures for October ended up $0.81 or 2 percent at $40.97 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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