Markets

Singapore Stock Market May Reverse Wednesday's Damage

(RTTNews) - The Singapore stock market headed south again on Wednesday, one session after it had ended the two-day slide in which it had stumbled almost 35 points or 1 percent. The Straits Times Index now rests just above the 3,245-point plateau although it's tipped to open higher again on Thursday.

The global forecast for the Asian markets is upbeat on easing geopolitical tensions in the Middle East. The European and U.S. markets were up and the Asian bourses figure to open in similar fashion.

The STI finished slightly lower on Wednesday following losses from the industrials and mixed performances from the financials and properties.

For the day, the index eased 1.97 points or 0.06 percent to finish at the daily high of 3,245.89 after moving as low as 3,193.31. Volume was 2.12 billion shares worth 1.71 billion Singapore dollars. There were 295 decliners and 151 gainers.

Among the actives, Yangzijiang Shipbuilding plummeted 2.52 percent, while Singapore Technologies Engineering surged 1.99 percent, Comfort DelGro plunged 1.71 percent, DBS Group tumbled 11.23 percent, Singapore Exchange skidded 1.04 percent, Ascendas REIT spiked 0.99 percent, SingTel accelerated 0.89 percent, CapitaLand Mall Trust jumped 0.81 percent, Mapletree Logistics Trust climbed 0.57 percent, Thai Beverage dropped 0.56 percent, Genting Singapore shed 0.54 percent, Mapletree Commercial Trust advanced 0.42 percent, CapitaLand added 0.26 percent, Oversea-Chinese Banking Corporation collected 0.09 percent, United Overseas Bank rose 0.07 percent and Wilmar International, Keppel Corp, SembCorp Industries, CapitaLand Commercial Trust and Singapore Press Holdings all were unchanged.

The lead from Wall Street is positive as stocks opened higher on Wednesday and saw further upside as the day progressed.

The Dow added 161.41 points or 0.56 percent to 28,745.09, while the NASDAQ gained 60.66 points or 0.67 percent to 9.129.24 and the S&P 500 rose 15.87 points or 0.49 percent to 3,253.05.

Buying interest picked up as President Donald Trump delivered a statement responding to last night's attack by Iran, indicating the U.S. would hit Iran with new sanctions but not respond militarily.

The markets also benefited from the release of a report from payroll processor ADP showing much stronger than expected private sector job growth in December.

Crude oil prices declined sharply to four-week lows on Wednesday as worries about U.S.-Iran tensions eased a bit and official data showed an unexpected rise in U.S. crude inventories. West Texas Intermediate Crude oil futures for February slipped $3.09 or 4.9 percent at $59.61 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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