Singapore Bourse Due For Support On Tuesday
(RTTNews) - The Singapore stock market has moved lower in three straight sessions, sinking more than 150 points or 3.2 percent in that span. The Straits Times Index now rests just above the 4,840-point plateau although it may find traction on Tuesday. The global forecast for the Asian markets is upbeat as tensions in the Middle East take a slight breather. The European markets were mixed and the U.S. bourses were up and the Asian markets are expected to follow the latter lead. The STI finished sharply lower on Monday following losses from the financial shares, property stocks and industrial issues. For the day, the index retreated 107.57 points or 2.17 percent to finish at 4,841.30 after trading between 4,817.11 and 4,872.81. Among the actives, CapitaLand Ascendas REIT surrendered 2.72 percent, while CapitaLand Integrated Commercial Trust contracted 2.51 percent, CapitaLand Investment skidded 1.80 percent, City Developments retreated 2.61 percent, DBS Group dipped 1.71 percent, DFI Retail Group plummeted 4.76 percent, Genting Singapore gave up 1.47 percent, Hongkong Land stumbled 2.87 percent, Keppel DC REIT crashed 3.03 percent, Keppel Ltd lost 1.86 percent, Mapletree Pan Asia Commercial Trust dropped 2.24 percent, Mapletree Industrial Trust shed 2.00 percent, Mapletree Logistics Trust slumped 2.48 percent, Oversea-Chinese Banking Corporation slipped 1.73 percent, SATS tumbled 2.97 percent, Seatrium Limited declined 2.53 percent, SembCorp Industries rallied 2.60 percent, Singapore Airlines was down 1.67 percent, Singapore Exchange eased 0.88 percent, Singapore Technologies Engineering fell 1.83 percent, SingTel cratered 5.37 percent, Thai Beverage weakened 1.15 percent, United Overseas Bank sank 2.15 percent, UOL Group plunged 4.51 percent, Wilmar International skidded 2.37 percent and Yangzijiang Shipbuilding tanked 2.99 percent.
The lead from Wall Street is broadly positive as the major averages opened higher on Monday and remained firmly in the green throughout the trading day.
The Dow surged 631.00 points or 1.38 percent to finish at 46,208.47, while the NASDAQ spiked 299.15 points or 1.38 percent to close at 21,946.76 and the S&P 500 rallied 74.52 points or 1.15 percent to end at 6,581.00.
The early rally on Wall Street came reaction to President Donald Trump backing down from his threats to "obliterate" Iran's power plants unless they fully reopen the Strait of Hormuz.
However, buying interest waned somewhat as the day progressed, as Iran's state-run media said the country's foreign ministry has denied negotiating with the U.S.
Crude oil prices plummeted on Monday after Trump's announcement that he ordered the U.S. forces to pause any planned attacks against Iran's power plants and energy infrastructure. West Texas Intermediate crude for May delivery was down $10.21 or 10.39 percent at $88.02 per barrel.
