Markets

Lower Open Predicted For Singapore Stock Market

(RTTNews) - The Singapore stock market has finished lower in three straight sessions, surrendering almost 70 points or 2.1 percent along the way. The Straits Times Index now rests just above the 3,190-point plateau and it's looking at another soft start again on Friday.

The global forecast for the Asian markets is soft on continued concerns over the prospects for a trade deal between the United States and China. The European and U.S. markets were down and the Asian markets are expected to follow suit.

The STI finished sharply lower on Thursday following losses from the financial shares, property stocks, industrials and plantations.

For the day, the index skidded 37.57 points or 1.16 percent to finish at 3,192.21 after trading between 3,189.61 and 3,210.09. Volume was 1.51 billion shares worth 1.24 billion Singapore dollars. There were 259 decliners and 132 gainers.

Among the actives, Golden Agri-Resources plummeted 6.00 percent, while SembCorp Industries plunged 3.11 percent, Yangzijiang Shipbuilding tumbled 2.45 percent, DBS Group skidded 2.06 percent, Oversea-Chinese Banking Corporation retreated 1.62 percent, Comfort DelGro declined 1.28 percent, United Overseas Bank dropped 1.25 percent, CapitaLand sank 1.09 percent, Genting Singapore shed 1.05 percent, CapitaLand Commercial Trust lost 1.01 percent, Mapletree Commercial Trust fell 0.87 percent, CapitaLand Mall Trust slid 0.80 percent, Keppel Corp dipped 0.73 percent, Singapore Technologies Engineering eased 0.72 percent, SingTel was down 0.31 percent and Wilmar International, Ascendas REIT and Thai Beverage were unchanged.

The lead from Wall Street continues to be negative as stocks opened lower on Thursday and stayed that way throughout the day, extending losses from the previous session.

The Dow shed 54.80 points or 0.20 percent to finish at 27,766.29, while the NASDAQ lost 20.52 points or 0.24 percent to 8,506.21 and the S&P 500 fell 4.92 points or 0.15 percent to 3,103.54.

The continued weakness on Wall Street reflected renewed uncertainty about the U.S. and China finalizing a phase one trade deal after reports said completion of a phase one U.S.-China trade deal could slide into next year.

In economic news, the Labor Department said first-time claims for U.S. unemployment benefits were unchanged last week. Also, the National Association of Realtors said U.S. existing home sales rebounded more than expected in October.

Crude oil prices rebounded from early losses and moved higher to their best levels in two months on Thursday, on news that OPEC and its allies will likely extent output cuts beyond March 2020. West Texas Intermediate Crude oil futures for January ended up $1.57 or 2.8 percent at $58.58 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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