Markets

Singapore Shares Poised To Snap Losing Streak

(RTTNews) - The Singapore stock market has moved lower in three straight sessions, sinking almost 100 points or 4 percent along the way. The Straits Times Index now rests just beneath the 2,485-point plateau although it may find traction on Tuesday.

The global forecast for the Asian markets is broadly positive on strong economic data and continued support from technology stocks. The European and U.S. markets were firmly in the green and the Asian bourses are tipped to open in similar fashion.

The STI finished sharply lower on Monday following losses from the financial shares, property stocks and industrials.

For the day, the index retreated 44.91 points or 1.78 percent to finish at 2,484.91 after trading between 2,478.39 and 2,523.78. Volume was 1.55 billion shares worth 1.73 billion Singapore dollars. There were 281 decliners and 190 gainers.

Among the actives, Thai Beverage plummeted 4.69 percent, while Singapore Exchange surged 4.16 percent, Keppel Corp plunged 4.07 percent, Singapore Airlines tanked 3.22 percent, SATS tumbled 2.92 percent, Ascendas REIT skidded 2.54 percent, City Developments retreated 2.44 percent, SembCorp declined 2.31 percent, Comfort DelGro surrendered 2.21 percent, Yangzijiang Shipbuilding sank 2.19 percent, CapitaLand Mall Trust dropped 2.12 percent, Singapore Press Holdings shed 1.87 percent, CapitaLand lost 1.81 percent, United Overseas Bank fell 1.65 percent, DBS Group slid 1.62 percent, Singapore Technologies Engineering dipped 1.53 percent, Genting Singapore slipped 1.36 percent, CapitaLand Commercial Trust weakened 1.24 percent, SingTel was down 1.21 percent, Dairy Farm International climbed 1.17 percent, Mapletree Commercial Trust shed 1.09 percent, Mapletree Logistics Trust dropped 0.94 percent, Wilmar International fell 0.65 percent and Oversea-Chinese Banking Corporation eased 0.47 percent.

The lead from Wall Street is solid as stocks moved mostly higher on Monday, with the tech-heavy NASDAQ hitting a fresh record closing high.

The Dow jumped 236.08 points or 0.89 percent to finish at 26,664.40, while the NASDAQ spiked 157.52 points or 1.47 percent to end at 10,902.80 and the S&P 500 rose 23.49 points or 0.72 percent to close at 3,294.61.

Technology stocks saw continued strength on the day after moving sharply higher last Friday on largely upbeat earnings news - particularly Microsoft (MSFT) and Apple (AAPL).

Adding to the positive sentiment, the Institute for Supply Management reported a bigger than expected acceleration in the pace of growth in U.S. manufacturing activity in July - which came on the heels of upbeat readings on manufacturing in China and Europe.

Crude oil prices moved higher on Monday as encouraging economic data from the U.S., the Eurozone and China helped ease concerns about energy demand. West Texas Intermediate Crude oil futures for September settled at $41.01 a barrel, gaining $0.74 or 1.8 percent.

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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