Singapore Stock Market May Stop The Bleeding On Thursday

(RTTNews) - The Singapore stock market has ticked lower in back-to-back trading days, dipping almost a dozen points or 0.5 percent along the way. The Straits Times Index now sits just shy of the 2,50-point plateau although it's expected to find traction on Thursday.

The global forecast for the Asian markets is upbeat, with bargain hunting on the menu - especially among the technology and oil stocks, which were hammered in recent days. The European and U.S. markets were sharply higher and the Asian bourses are tipped to follow suit.

The STI finished slightly lower on Wednesday following losses from the financial shares and industrials.

For the day, the index slid 5.43 points or 0.22 percent to finish at 2,499.33 after trading between 2,478.11 and 2,505.41. Volume was 1.46 billion shares worth 1.21 billion Singapore dollars.

Among the actives, the bottom fell out for SembCorp Industries, which plummeted 38.74 percent - while Venture Corporation surged 3.73 percent, Keppel Corp plunged 2.53 percent, Yangzijiang Shipbuilding soared 2.15 percent, Singapore Press Holdings tanked 1.90 percent, SATS tumbled 1.66 percent, Wilmar International skidded 1.14 percent, CapitaLand Mall Trust retreated 1.02 percent, Mapletree Commercial Trust declined 1.00 percent, SingTel surrendered 0.89 percent, Singapore Technologies Engineering advanced 0.88 percent, United Overseas Bank sank 0.87 percent, Singapore Airlines dropped 0.83 percent, Genting Singapore added 0.73 percent, Comfort DelGro gained 0.66 percent, DBS Group shed 0.63 percent, CapitaLand Commercial Trust rose 0.60 percent, Singapore Exchange increased 0.58 percent, Oversea-Chinese Banking Corporation lost 0.35 percent, City Developments eased 0.13 percent and Mapletree Logistics Trust, Ascendas REIT, Thai Beverage and CapitaLand were unchanged.

The lead from Wall Street is solid as stocks opened sharply higher on Wednesday and stayed that way throughout the trading day.

The Dow spiked 439.58 points or 1.60 percent to finish at 27,940.47, while the NASDAQ jumped 293.87 points or 2.71 percent to end at 11,141.56 and the S&P 500 climbed 67.12 points or 2.01 percent to close at 3,398.96.

The rebound on Wall Street came as some traders picked up stocks at reduced levels following the recent sell-off. Technology stocks showed a substantial rebound - especially Microsoft (MSFT), Apple (AAPL), and Amazon (AMZN).

Gold stocks moved sharply higher, along with chemical, housing and retail stocks.

Crude oil prices surged higher on Wednesday, rebounding sharply from heavy selling a session earlier. Up from a three-month low, West Texas Intermediate Crude Oil futures for October ended up $1.29 or 3.5 percent at $38.05 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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