Singapore Shares Poised To End Losing Streak
(RTTNews) - The Singapore stock market has finished lower in three straight sessions, sliding almost 50 points or 1.9 percent along the way. The Straits Times Index now rests just above the 2,620-point plateau and it figures to stop the bleeding on Wednesday.
The global forecast for the Asian markets is mixed to higher, with rising coronavirus concerns offset by optimism for further stimulus. The European markets were down and the U.S. bourses were up and the Asian markets figure to follow the latter lead.
The STI finished modestly lower on Tuesday following losses from the financial shares, property stocks and industrial issues.
For the day, the index lost 10.89 points or 0.41 percent to finish at 2,620.19 after trading between 2,604.95 and 2,631.81.
Among the actives, Hongkong Land plummeted 2.22 percent, while Mapletree Logistics Trust plunged 1.97 percent, SATS tanked 1.44 percent, City Development tumbled 1.19 percent, SembCorp Industries skidded 1.10 percent, CapitaLand retreated 1.05 percent, Singapore Technologies Engineering declined 0.92 percent, United Overseas Bank surrendered 0.82 percent, SingTel jumped 0.80 percent, Singapore Airlines sank 0.80 percent, Singapore Press Holdings dropped 0.79 percent, Wilmar International added 0.65 percent, CapitaLand Commercial Trust shed 0.56 percent, Yangzijiang Shipbuilding lost 0.53 percent, Keppel Corp fell 0.50 percent, CapitaLand Mall Trust slid 0.49 percent, Singapore Exchange dipped 0.36 percent, Oversea-Chinese Banking Corporation slipped 0.33 percent, DBS Group was down 0.28 percent and Ascendas REIT, Mapletree Commercial Trust and Thai Beverage were unchanged.
The lead from Wall Street is broadly positive as stocks rebounded on Tuesday from the sharp pullback in the previous session.
The Dow surged 556.79 points or 2.13 percent to finish at 26,642.59, while the NASDAQ jumped 97.73 points or 0.94 percent to end at 10,488.58 and the S&P 500 rose 42.30 points or 1.34 percent to close at 3,197.52.
The spike by the Dow was partly attributed to traders transitioning out of big-name tech stocks and into more cyclical stocks like Caterpillar (CAT), which led the blue chip index higher with a 4.8 percent jump.
Strong gains by energy giants Chevron (CVX) and Exxon Mobil (XOM) also contributed to the advance by the Dow, reflecting strength in the broader energy sector.
Investors shrugged off a surge in new coronavirus cases, even though several U.S. states are likely to resort to another lockdown. Already, California Governor Gavin Newscom has ordered the reintroduction of coronavirus-related restrictions, aiming to contain the spread of the pandemic.
Crude oil futures were higher on Tuesday, with traders weighing global crude supply and demand positions ahead of today's OPEC meeting. West Texas Intermediate Crude oil futures for August ended up $0.19 or 0.5 percent at $40.29 a barrel.