Losses May Accelerate For Singapore Stock Market

(RTTNews) - The Singapore stock market on Monday snapped the modest two-day winning streak in which it had gathered almost a dozen points or 0.5 percent. The Straits Times Index now sits just beneath the 2,525-point plateau and it's likely to open under pressure again on Tuesday.

The global forecast for the Asian markets is broadly negative thanks to a renewed surge in coronavirus cases and lockdown measures around the globe. The European and U.S. markets were sharply lower and the Asian markets are tipped to open in similar fashion.

The STI finished modestly lower on Monday following losses from the financial shares, property stocks and industrial issues.

For the day, the index slipped 14.08 points or 0.55 percent to finish at 2,523.31 after trading between 2,521.19 and 2,541.74. Volume was 1.27 billion shares worth 885.60 million Singapore dollars.

Among the actives, CapitaLand Mall Trust plummeted 3.19 percent, while Mapletree Commercial Trust plunged 2.63 percent, City Developments tanked 2.41 percent, SembCorp Industries surged 2.07 percent, Thai Beverage soared 1.72 percent, Ascendas REIT tumbled 1.62 percent, Yangzijiang Shipbuilding skidded 1.54 percent, CapitaLand retreated 1.48 percent, Mapletree Logistics Trust declined 1.46 percent, Wilmar International surrendered 1.42 percent, Comfort DelGro sank 1.39 percent, DBS Group dropped 1.16 percent, United Overseas Bank shed 1.15 percent, Singapore Airlines jumped 1.12 percent, Dairy Farm International climbed 0.80 percent, Oversea-Chinese Banking Corporation lost 0.79 percent, Keppel Corp fell 0.67 percent, SATS advanced 0.63 percent, Singapore Exchange added 0.33 percent, Singapore Technologies Engineering slid 0.27 percent and Genting Singapore, SingTel, CapitaLand Commercial Trust and Singapore Press Holdings were unchanged.

The lead from Wall Street is bleak as stocks opened firmly lower on Monday and saw the losses accelerate as the day progressed - extending last week's losses.

The Dow plummeted 649.93 points or 2.29 percent to finish at 27,685.64, while the NASDAQ dropped 189.34 points or 1.64 percent to end at 11,358.94 and the S&P 500 sank 64.42 points or 1.86 percent to close at 3,400.97.

The sell-off on Wall Street comes amid concerns about a record resurgence in coronavirus cases, while White House officials say the pandemic can't be controlled and the administration would instead focus on vaccines and therapeutics.

The spike in new coronavirus cases comes as lawmakers in Washington remain at an impasse over a new stimulus bill. Negotiations continue, but traders appear pessimistic that an agreement on a new relief package will be reached before next week's elections.

Adding to the negative sentiment, the Commerce Department reported an unexpected slump in new home sales last month.

Crude oil prices moved lower in response to the bad news, with West Texas Intermediate sinking $1.17 or 2.94 percent to $38.55.

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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