Singapore Stock Market Poised To Snap Losing Streak

(RTTNews) - The Singapore stock market has finished lower in back-to-back sessions, sliding more than 35 points or 1.4 percent along the way. The Straits Times Index now rests just above the 2,575-point plateau although it may stop the bleeding on Tuesday.

The global forecast for the Asian markets is upbeat on hopes for further stimulus in the face of the coronavirus pandemic. The European markets were slightly lower and the U.S. bourses were firmly higher and the Asian markets are tipped to follow the latter lead.

The STI finished slightly lower on Monday following losses from the property stocks and industrials, while the financials came in mixed.

For the day, the index dipped 3.72 points or 0.14 percent to finish at 2,575.79 after trading between 2,570.86 and 2,598.68. Volume was 1.45 billion shares worth 1.05 billion Singapore dollars. There were 250 decliners and 179 gainers.

Among the actives, Hongkong Land Holdings plummeted 2.84 percent, while SATS plunged 2.46 percent, CapitaLand Commercial Trust tanked 1.74 percent, Mapletree Logistics Trust tumbled 1.39 percent, Dairy Farm International spiked 1.18 percent, Ascendas REIT jumped 1.15 percent, SembCorp Industries skidded 1.13 percent, City Developments retreated 1.09 percent, Yangzijiang Shipbuilding declined 1.08 percent, Mapletree Commercial Trust climbed 1.06 percent, Keppel Corp surrendered 1.05 percent, Singapore Press Holdings sank 0.85 percent, SingTel advanced 0.81 percent, Comfort DelGro dropped 0.72 percent, Wilmar International added 0.70 percent, Singapore Technologies Engineering gained 0.62 percent, CapitaLand Mall Trust shed 0.51 percent, Singapore Exchange rose 0.48 percent, DBS Group lost 0.29 percent, Singapore Airlines fell 0.28 percent, Oversea-Chinese Banking Corporation collected 0.11 percent, United Overseas Bank eased 0.05 percent and Genting Singapore, Thai Beverage and CapitaLand were unchanged.

The lead from Wall Street is positive as stocks rebounded from last week's weakness as traders cycled back into big-name tech stocks.

The Dow added 114.88 points or 0.43 percent to finish at 26,584.77, while the NASDAQ jumped 173.09 points or 1.67 percent to end at 10,536.27 and the S&P 500 rose 23.78 points or 0.74 percent to close at 3,239.41.

The strength on Wall Street partly reflected optimism about additional fiscal stimulus after Treasury Secretary Steven Mnuchin said Republicans have finalized their new coronavirus relief legislation.

In economic news, the Commerce Department released report showing durable goods orders continued to move sharply higher in June.

Crude oil prices rebounded after early losses on Monday as the dollar fell to its lowest level in two years. West Texas Intermediate Crude oil futures for September ended up $0.31 or 0.8 percent at $41.60 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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