Mild Rebound Tipped For Singapore Stock Market

(RTTNews) - The Singapore stock market on Monday wrote a finish to the two-day winning streak in which it had advanced almost 50 points or 1.6 percent. The Straits Times Index now rests just shy of the 3,085-point plateau, although it may inch higher again on Tuesday.

The global forecast for the Asian markets suggests little movement, with solid economic data from European offset by concerns over the trade war between the United States and China. The European markets were up and the U.S. markets were off on holiday - and the Asian bourses are called flat with a touch of upside.

The STI finished modestly lower on Monday following losses from the plantations and industrials, while the financials and properties were mixed.

For the day, the index sank 23.56 points or 0.76 percent to finish at 3,082.96 after trading between 3,076.20 and 3,099.82. Volume was 828.6 million shares worth 641.7 million Singapore dollars. There were 228 decliners and 149 gainers.

Among the actives, Hutchison Port Holdings plummeted 2.55 percent, while Singapore Press Holdings plunged 2.51 percent, Ascendas REIT soared 1.95 percent, Golden Agri-Resources tumbled 1.89 percent, Comfort DelGro jumped 1.63 percent, SembCorp Industries skidded 1.45 percent, Thai Beverage retreated 1.11 percent, SingTel declined 0.95 percent, CapitaLand dropped 0.86 percent, DBS Group shed 0.73 percent, Keppel Corp lost 0.68 percent, Yangzijiang Shipbuilding sank 0.55 percent, CapitaLand Mall Trust added 0.38 percent, Wilmar International fell 0.26 percent, Oversea-Chinese Banking Corporation eased 0.19 percent, United Overseas Bank collected 0.16 percent and Genting Singapore, Singapore Exchange and CapitaLand Commercial Trust were unchanged.

There is no lead from Wall Street, which was closed Monday for the Labor Day holiday - although the European markets were up for the third straight session.

The markets got a boost from the eurozone manufacturing index, which showed that the pace of regional decline slowed from the previous month.

But concerns over the ongoing trade war between the U.S. and China continued to weigh on investors.

The U.S. has imposed new tariffs on certain Chinese products worth $125 billion. In retaliation, China imposed measures targeting $75 billion worth of U.S. goods, including 5 percent duty on crude oil imported from the U.S.

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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