Markets

Singapore Stock Market Tipped To Extend Losing Streak

(RTTNews) - The Singapore stock market has finished lower in three straight sessions, sliding almost 55 points or 2.2 percent along the way. The Straits Times Index now sits just above the 2,480-point plateau and it's in line for continued selling pressure again on Thursday.

The global forecast for the Asian markets suggests major consolidation due to surging coronavirus cases around the world. The European and U.S. markets were sharply lower and the Asian markets figure to follow suit.

The STI finished sharply lower on Wednesday following losses from the financial shares, property stocks and industrials.

For the day, the index dropped 29.39 points or 1.17 percent to finish at the daily low of 2,483.48 after peaking at 2,507.89. Volume was 1.33 billion shares worth 1.08 billion Singapore dollars.

Among the actives, SembCorp Industries surged 4.55 percent, while City Developments plummeted 2.98 percent, SATS plunged 2.55 percent, Singapore Airlines tanked 2.51 percent, Keppel Corp tumbled 2.47 percent, Yangzijiang Shipbuilding skidded 2.07 percent, Singapore Press Holdings soared 2.00 percent, DBS Group retreated 1.97 percent, Genting Singapore declined 1.48 percent, Comfort DelGro surrendered 1.42 percent, Oversea-Chinese Banking Group sank 1.38 percent, United Overseas Bank dropped 1.22 percent, CapitaLand shed 1.13 percent, Singapore Exchange lost 0.88 percent, Thai Beverage fell 0.85 percent, Singapore Technologies Engineering slid 0.82 percent, Ascendas REIT dipped 0.65 percent, Mapletree Logistics Trust gained 0.50 percent, Wilmar International and SingTel both were down 0.48 percent and Dairy Farm International, CapitaLand Mall Trust, Mapletree Commercial Trust and CapitaLand Commercial Trust were unchanged.

The lead from Wall Street is brutal as stocks opened deep in the red on Wednesday and were hammered throughout the day, finishing sharply lower.

The Dow plummeted 943.24 points or 3.43 percent to finish at 26,519.95, while the NASDAQ plunged 426.48 points or 3.73 percent to end at 11,004.87 and the S&P 500 tumbled 119.65 points or 3.53 percent to close at 3,271.03.

The sell-off on Wall Street came amid continued concerns about a recent spike in coronavirus cases across the U.S. - which has averaged more than 70,000 new coronavirus cases a day over the past week. Twenty-nine states have set new records this month for the most new daily cases since the pandemic began in February.

Meanwhile, President Donald Trump has continued to downplay the pandemic in recent days, accusing the media of focusing too much on the disease ahead of next week's elections.

Lingering uncertainty about a new stimulus bill also weighed on Wall Street, with some analysts suggesting a victory by Joe Biden could make Republicans less likely to approve a new relief package until next year.

Crude oil futures ended sharply lower Wednesday, weighed down by data showing a notable increase in crude inventories, and worries about energy demand due to rising coronavirus cases. West Texas Intermediate oil futures for December ended down $2.18 or 5.5 percent at $37.39 a barrel.

Closer to home, Singapore will provide September figures for import and export prices and producer prices later today, as well as preliminary Q3 data for unemployment. In August, import prices were down 6.8 percent on year, export prices dropped 8.2 percent on year and producer prices tumbled 9.4 percent on year. In the previous three months, the jobless rate was 2.8 percent.

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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