Renewed Support Likely For Singapore Stock Market
(RTTNews) - The Singapore stock market turned slightly lower again on Monday, one session after ending the two-day slide in which it had fallen more than 10 points or 0.3 percent. The Straits Times Index now sits just above the 3,200-point plateau although it's expected to rebound again on Tuesday.
The global forecast for the Asian markets is mixed to higher, largely riding optimism for earnings as the season progresses. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.
The STI finished slightly lower on Monday following mixed performances from the financial shares, property stocks and industrial issues.
For the day, the index dipped 3.28 points or 0.10 percent to finish at 3,201.86 after trading between 3,197.24 and 3,209.96. Volume was 1.42 billion shares worth 918.5 million Singapore dollars. There were 222 gainers and 218 decliners.
Among the actives, Ascendas REIT increased 0.21 percent, while CapitaLand Integrated Commercial Trust fell 0.47 percent, City Developments improved 0.40 percent, Comfort DelGro added 0.64 percent, Dairy Farm International shed 0.55 percent, DBS Group collected 0.38 percent, Genting Singapore sank 0.64 percent, Keppel Corp lost 0.54 percent, Mapletree Commercial Trust rose 0.47 percent, Mapletree Logistics Trust gained 0.51 percent, Oversea-Chinese Banking Corporation eased 0.08 percent, Singapore Airlines and Venture Corporation both dropped 0.57 percent, Singapore Exchange was up 0.21 percent, SingTel retreated 0.78 percent, Thai Beverage declined 0.70 percent, Wilmar International was down 0.23 percent, Yangzijiang Shipbuilding advanced 0.72 percent and Singapore Press Holdings, Singapore Technologies Engineering, SembCorp Industries, United Overseas Bank, SATS and CapitaLand were unchanged.
The lead from Wall Street is positive as the major averages shook off a soft start on Monday, climbing quickly into the green and finishing solidly higher.
The Dow added 64.13 points or 0.18 percent to finish at 35,741.15, while the NASDAQ spiked 136.51 points or 0.90 percent to close at 15,226.71 and the S&P 500 rose 21.58 points or 0.47 percent to end at 4,566.48.
The strength on Wall Street reflected optimism about more upbeat earnings news, with a slew of big-name companies due to report their quarterly results this week including Facebook (FB), General Electric (GE), UPS (UPS), Alphabet (GOOGL), Coca-Cola (KO), General Motors (GM), McDonald's (MCD), Ford (F), Amazon (AMZN), Apple (APPL), and Exxon Mobil (XOM).
Upbeat earnings news has contributed to a recent upward trend on Wall Street, as most companies have reported better than expected results.
Traders may also have been reluctant to make big moves ahead of the Federal Reserve's monetary policy meeting next week. The Fed is likely to leave interest rates unchanged but could announce plans to begin scaling back its asset purchase program.
Oil futures settled flat Monday as prices fell sharply from the day's high towards the end of the session, with traders weighing supply and demand. West Texas Intermediate Crude for December ended unchanged at $83.76 a barrel after peaking at $85.41 a barrel, a seven-year high earlier in the day.
Closer to home, Singapore will provide September figures for industrial production later today, with forecasts suggesting a decline of 0.5 percent on year following the 11.2 percent spike in August.
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