Markets

Singapore Bourse May Test Support At 2,600 Points

(RTTNews) - The Singapore stock market headed south again on Thursday, one session after it had ended the three-day losing streak in which it had stumbled almost 50 points or 1.9 percent. The Straits Times Index now rests just beneath the 2,625-point plateau and it may open under pressure again on Friday.

The global forecast for the Asian markets is soft on economic growth concerns and coronavirus fears. The European and U.S. markets were down and the Asian markets are tipped to open in similar fashion.

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

For the day, the index lost 25.23 points or 0.95 percent to finish at 2,623.67 after trading between 2,621.02 and 2,661.95. There were 349 decliners and 145 gainers.

Among the actives, Genting Singapore plummeted 2.55 percent, while Singapore Press Holdings plunged 2.40 percent, CapitaLand Commercial Trust tanked 2.23 percent, Yangzijiang Shipbuilding tumbled 2.09 percent, Comfort DelGro skidded 2.03 percent, Mapletree Logistics Trust retreated 1.97 percent, SingTel declined 1.57 percent, CapitaLand Mall Trust surrendered 1.47 percent, CapitaLand sank 1.38 percent, Singapore Airlines dropped 1.33 percent, DBS Group shed 1.28 percent, Singapore Technologies Engineering lost 1.22 percent, Oversea-Chinese Banking Corporation fell 1.08 percent, SATS climbed 1.06 percent, Mapletree Commercial Trust slid 1.03 percent, United Overseas Bank dipped 1.01 percent, Ascendas REIT slipped 0.90 percent, Keppel Corp was down 0.83 percent, Thai Beverage lost 0.74 percent, Wilmar International fell 0.46 percent, Singapore Exchange eased 0.36 percent and SembCorp Industries was unchanged,

The lead from Wall Street is negative as stocks opened in the red on Thursday and remained there throughout the session.

The Dow shed 135.39 points or 0.50 percent to finish at 26,734.71, while the NASDAQ lost 76.66 points or 0.73 percent to end at 10,473.83 and the S&P 500 fell 10.99 points or 0.34 percent to close at 3,215.57.

The weakness on Wall Street followed the release of a Labor Department report showing the decline in first-time claims for unemployment benefits nearly ground to a halt last week.

The negative sentiment was partly offset by a Commerce Department report showing another substantial increase in retail sales in June, although the data was seen as old news as some states rolled back their reopening plans due to a surge in coronavirus cases.

Crude oil futures settled lower on Thursday on worries about the outlook for near term energy demand after OPEC decided to start tapering production cuts beginning next month. West Texas Intermediate Crude oil futures for August were down $0.45 or 1.1 percent at $40.75 a barrel.

Closer to home, Singapore will see June export data later this morning; in May, non-oil exports were down 4.50 percent both on month and on year, resulting in a trade surplus of SGD4.04 billion.

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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