Markets

Singapore Stock Market May Extend Its Losses

(RTTNews) - The Singapore stock market has moved lower in consecutive trading days, surrendering almost 30 points or 0.9 percent along the way. The Straits Times Index now rests just beneath the 3,230-point plateau and it's tipped to open in the red again on Thursday.

The global forecast is soft thanks to ongoing melodrama regarding a possible trade agreement 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 lower on Wednesday following losses from the property stocks and financial shares.

For the day, the index slipped 9.09 points or 0.28 percent to finish at 3,229.78 after trading between 3,219.27 and 3,236.18. Volume was 1.20 billion shares worth 1.10 billion Singapore dollars. There were 262 decliners and 145 gainers.

Among the actives, Golden Agri-Resources surged 4.17 percent, while Yangzijiang Shipbuilding plummeted 3.77 percent, SingTel soared 2.51 percent, CapitaLand Mall Trust plunged 1.97 percent, United Overseas Bank tumbled 1.05 percent, CapitaLand Commercial Trust skidded 1.00 percent, DBS Group retreated 0.98 percent, Wilmar International dropped 0.72 percent, Ascendas REIT sank 0.68 percent, Thai Beverage climbed 0.55 percent, CapitaLand shed 0.54 percent, Genting Singapore advanced 0.53 percent, Singapore Exchange and Singapore Press Holdings both added 0.45 percent, SembCorp Industries lost 0.44 percent, Mapletree Commercial Trust fell 0.43 percent, Singapore Technologies Engineering rose 0.24 percent and Keppel Corp and Oversea-Chinese Banking Corporation were unchanged.

The lead from Wall Street is negative as stocks opened sharply lower on Wednesday, made back some ground as the day progressed but still finished firmly in the red.

The Dow shed 112.93 points or 0.40 percent to 27,821.09, while the NASDAQ lost 43.93 points or 0.51 percent to 8,526.73 and the S&P 500 fell 11.72 points or 0.38 percent to 3,108.46.

Renewed uncertainty about a U.S.-China trade deal weighed on the markets following reports that trade talks are in danger of hitting an impasse, derailing the Trump administration's plan for a limited phase one deal this year.

However, stocks climbed well off their lows of the session as traders have recently shown a knack for shrugging off negative news on the trade front amid unshakable optimism a deal will eventually get done.

Crude oil futures rebounded Wednesday and recovered Tuesday's heavy losses after official data showed crude stockpiles in the U.S. rose less than expected last week. West Texas Intermediate Crude oil futures for December ended up $1.90 or 3.4 percent at $57.11 a barrel on expiration day.

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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