Markets

Singapore Bourse Poised To Give Up Support At 2,500 Points

(RTTNews) - The Singapore stock market has moved lower in consecutive trading days, sliding almost 25 points or 1 percent along the way. The Straits Times Index now sits just above the 2,510-point plateau and it's likely in store for continued selling pressure on Wednesday.

The global forecast is mostly negative on continued concerns about the resurgence of the coronavirus and the growing unlikelihood of any stimulus to counter it. The European markets were down and the U.S. bourses were mixed and the Asian markets figure to follow the former lead.

The STI finished modestly lower on Tuesday as losses from the properties and financials were offset by support from the industrials.

For the day, the index lost 10.44 points or 0.41 percent to finish at 2,512.87 after trading between 2,503.37 and 2,519.00. Volume was 1.17 billion shares worth 937 million Singapore dollars.

Among the actives, SembCorp Industries surged 4.05 percent, while City Developments plummeted 2.18 percent, Ascendas REIT soared 1.65 percent, Venture Corporation plunged 1.18 percent, United Overseas Bank tanked 1.06 percent, Hongkong Land Holdings tumbled 1.05 percent, Singapore Press Holdings skidded 0.99 percent, SATS retreated 0.95 percent, SingTel declined 0.94 percent, Thai Beverage surrendered 0.85 percent, Mapletree Logistics jumped 0.84 percent, Singapore Airlines sank 0.83 percent, Singapore Technologies Engineering dropped 0.82 percent, Oversea-Chinese Banking Corporation shed 0.80 percent, Genting Singapore advanced 0.75 percent, Comfort DelGro lost 0.70 percent, Keppel Corp fell 0.67 percent, Yangzijiang Shipbuilding added 0.52 percent, Wilmar International slid 0.48 percent, CapitaLand dipped 0.37 percent, Dairy Farm International slipped 0.26 percent, Singapore Exchange eased 0.11 percent, DBS Group rose 0.09 percent and CapitaLand Mall Trust, Mapletree Commercial Trust and CapitaLand Commercial Trust were unchanged.

The lead from Wall Street is inconclusive as stocks turned in a mixed performance on Tuesday and ended on opposite sides of the unchanged line.

The Dow dropped 222.19 points or 0.80 percent to finish at 27,463.19, while the NASDAQ gained 72.41 points or 0.64 percent to end at 11,431.35 and the S&P 500 sank 10.29 points or 0.20 percent to close at 3,390.68.

The ragged trade on Wall Street came on concerns about the recent spike in coronavirus cases as well as growing uncertainty about the prospects for a new stimulus bill.

Traders were also reacting to mixed economic data, with separate reports showing a jump in durable goods orders and an unexpected dip in consumer confidence.

Crude oil prices moved higher Tuesday, lifted by reports about evacuation of over 150 offshore facilities along the U.S. Gulf Coast due to Hurricane Zeta. West Texas Intermediate Crude oil futures for December ended higher by $1.01 or 2.6 percent at $39.57 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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