Singapore Stock Market Due For Profit Taking

(RTTNews) - The Singapore stock market has climbed higher in five straight sessions, rising more than 80 points or 2.7 percent along the way. The Straits Times Index now rests just beneath the 3,230-point plateau although investors figure to cash in on Friday.

The global forecast for the Asian markets is negative on continued uncertainty regarding a trade deal between the United States and China. The European and U.S. markets were down and the Asian bourses are tipped to follow suit.

The STI finished modestly higher on Thursday following gains from the financial shares and industrials, while the plantations and properties were mixed.

For the day, the index gathered 21.96 points or 0.68 percent to finish at 3,229.88 after trading between 3,213.46 and 3,235.24. Volume was 1.33 billion shares worth 1.49 billion Singapore dollars. There were 241 gainers and 179 decliners.

Among the actives, Dairy Farm International Holdings surged 5.05 percent, while Venture Corporation soared 3.19 percent, Hongkong Land spiked 3.00 percent, Golden Agri-Resources plummeted 2.38 percent, Singapore Technologies accelerated 2.05 percent, Comfort DelGro plunged 1.71 percent, SingTel jumped 1.23 percent, DBS Group climbed 1.21 percent, SembCorp Industries advanced 0.88 percent, United Overseas Bank collected 0.86 percent, Mapletree Commercial Trust tumbled 0.85 percent, Wilmar International added 0.81 percent, CapitaLand Mall Trust skidded 0.78 percent, Ascendas REIT gained 0.63 percent, CapitaLand perked 0.56 percent, Oversea-Chinese Banking Corporation and Thai Beverage both gathered 0.55 percent, Genting Singapore and Yangzijiang Shipbuilding both rose 0.53 percent, Singapore Exchange fell 0.45 percent and CapitaLand Commercial Trust and Keppel Corp were unchanged.

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

The Dow shed 140.46 points or 0.52 percent to 27,046.23, while the NASDAQ lost 11.62points or 0.14 percent to 8,292.36 and the S&P 500 fell 9.21 points or 0.30 percent to 3,037.56.

The pullback on Wall Street came amid renewed uncertainty about the potential for a long-term U.S.-China trade deal as China may be unwilling to budge on the thorniest issues.

Upbeat earnings news helped limit the downside for the markets, however, with Apple (AAPL) and Facebook (FB) posting notable gains after reporting better than expected quarterly results.

In economic news, the Labor Department noted a modest increase in first-time claims for U.S. jobless benefits last week. Also, the Commerce Department said personal income and spending both increased as expected in September.

Crude oil futures drifted lower on Thursday, extending losses to a fourth successive session amid concerns over outlook for energy demand. West Texas Intermediate Crude oil futures for December ended down $0.88 or 1.6 percent at $54.18 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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