Singapore Stock Market May Inch Higher On Wednesday
(RTTNews) - The Singapore stock market has climbed higher in back-to-back trading days, collecting almost a dozen points or 0.3 percent along the way. The Straits Times Index now rests just above the 3,155-point plateau and it may open in the green again on Wednesday.
The global forecast for the Asian markets suggests mild upside on expectations of further stimulus. The European markets were up and the U.S. bourses were mixed and little changed and the Asian markets figure to split the difference.
The STI finished modestly higher on Tuesday as gains from the financial shares and industrial issues were capped by weakness from the property sector.
For the day, the index advanced added 9.38 points or 0.30 percent to finish at 3,155.71 after trading between 3,151.27 and 3,168.07. Volume was 927.37 million shares worth 989.7 million Singapore dollars. There were 210 decliners and 170 gainers.
Among the actives, Yangzijiang Shipbuilding surged 3.06 percent, while Singapore Press Holdings soared 2.51 percent, Singapore Technologies Engineering plunged 2.01 percent, Comfort DelGro plummeted 2.00 percent, CapitaLand Mall Trust tumbled 1.86 percent, CapitaLand Commercial Trust skidded 1.40 percent, Keppel Corp jumped 0.99 percent, Ascendas REIT dropped 0.95 percent, United Overseas Bank climbed 0.90 percent, Singapore Exchange sank 0.82 percent, DBS Group collected 0.73 percent, Hutchison Port Holdings shed 0.66 percent, Thai Beverage advanced 0.57 percent, SingTel added 0.31 percent, Oversea-Chinese Banking Corporation gained 0.28 percent, Wilmar International fell 0.26 percent and Genting Singapore, SembCorp Industries and Golden Agri-Resources were unchanged.
The lead from Wall Street continues to be murky as stocks saw another lackluster performance on Tuesday, eventually closing mixed and roughly flat for the third consecutive session.
The Dow added 73.92 points or 0.28 percent to 26,909.43, while the NASADQ fell 3.28 points or 0.04 percent to 8,084.16 and the S&P 500 rose 0.96 points or 0.03 percent to 2,979.39.
The early weakness on Wall Street reflected uncertainty ahead of the European Central Bank's monetary policy decision on Thursday as well as next week's Federal Reserve meeting. Both the ECB and the Fed are expected to cut interest rates in reaction to indications of a global slowdown.
The weaker than expected jobs data released last Friday raised concerns about the economic outlook but also reinforced expectations of another interest rate cut by the Fed next week.
Crude oil prices edged lower on Tuesday, with traders taking profits after recent strong gains and looking ahead to weekly inventory reports. West Texas Intermediate Crude oil futures for October were down $0.45 or 0.8 percent at $57.40 a barrel.