The Singapore stock market on Wednesday ended the six-day winning streak in which it had gained almost 65 points or 2.1 percent. The Straits Times Index now rests just above the 3,165-point plateau although it may find support again on Thursday.
The global forecast for the Asian markets is mixed to higher, with support from technology stocks likely offset by weakness from oil companies. The European markets were down and the U.S. bourses were mixed and the Asian markets figure to follow the latter lead.
The STI finished modestly lower on Wednesday following losses from the financial shares, property stocks and industrial issues.
For the day, the index sank 25.55 points or 0.80 percent to finish at the daily low of 3,165.34 after peaking at 3,200.49. Volume was 1.73 billion shares worth 1.52 billion Singapore dollars.
Among the actives, Ascendas REIT slid 0.65 percent, while CapitaLand was down 0.27 percent, CapitaLand Integrated Commercial Trust and SATS both weakened 0.46 percent, Comfort DelGro retreated 1.16 percent, Dairy Farm International plunged 1.82 percent, DBS Group fell 0.72 percent, Genting Singapore tanked 1.60 percent, Keppel Corp slipped 0.37 percent, Mapletree Commercial Trust tumbled 1.40 percent, Mapletree Logistics Trust sank 1.03 percent, Oversea-Chinese Banking Corporation dropped 1.01 percent, SembCorp Industries declined 1.08 percent, Singapore Airlines surrendered 1.07 percent, Singapore Exchange added 0.20 percent, Singapore Press Holdings jumped 2.00 percent, Singapore Technologies Engineering eased 0.26 percent, SingTel shed 0.81 percent, Thai Beverage plummeted 1.99 percent, United Overseas Bank dipped 0.39 percent, Wilmar International skidded 1.28 percent, Yangzijiang Shipbuilding lost 0.78 percent and City Developments was unchanged.
The lead from Wall Street is conflicted as the major averages opened higher on Wednesday, although the Dow fell under pressure as the day progressed and finished in the red.
The Dow dipped 85.41 points or 0.26 percent to finish at 32,981.55, while the NASDAQ surged 201.48 points or 1.54 percent to end at 13,246.87 and the S&P 500 rose 14.34 points or 0.36 percent to close at 3,972.89.
The rally by technology stocks reflected window dressing on the final day of the first quarter as the tech-heavy NASDAQ underperformed the Dow and the S&P. The NASDAQ rose 2.8 percent in Q1, while the Dow jumped 5.8 percent and the S&P spiked 7.8 percent.
A report from payroll processor ADP showing strong private sector job growth in March also generated some positive sentiment. ADP said private sector employment surged up by 517,000 jobs in March after climbing by an upwardly revised 176,000 jobs in February.
Crude oil prices moved sharply lower Wednesday amid concerns about the outlook for energy demand. West Texas Intermediate Crude oil futures for May ended down $1.39 or 2.3 percent at $59.16 a barrel.
Market Analysis
Steady Start Predicted For Singapore Stock Market
2021-04-01 00:00:18
