Singapore Stock Market May Find Traction On Thursday

The Singapore stock market has moved lower in three straight sessions, sinking more than 40 points or 1.3 percent along the way. The Straits Times Index now rests just above the 3,320-point plateau although it’s looking at a steady start on Thursday.

The global forecast for the Asian markets is mixed to higher thanks mainly to bargain hunting after heavy selling in the region. The European markets were up and the U.S. bourses were mixed and flat and the Asian markets figure to split the difference.

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

For the day, the index eased 1.38 points or 0.04 percent to finish at 3,320.67 after trading between 3,308.03 and 3,322.85. Volume was 1.52 billion shares worth 1.21 billion Singapore dollars. There were 245 gainers and 245 decliners.

Among the actives, CapitaLand Integrated Commercial Trust sank 0.43 percent, while CapitaLand Investment climbed 0.99 percent, City Developments advanced 0.82 percent, Dairy Farm International surrendered 1.49 percent, DBS Group shed 0.42 percent, Genting Singapore slumped 0.62 percent, Hongkong Land declined 1.08 percent, Mapletree Commercial Trust tanked 2.09 percent, Mapletree Logistics Trust dropped 0.46 percent, Oversea-Chinese Banking Corporation fell 0.34 percent, SATS gained 0.65 percent, SembCorp Industries rose 0.35 percent, Singapore Exchange dipped 0.20 percent, Singapore Technologies Engineering slid 0.25 percent, SingTel added 0.72 percent, Thai Beverage retreated 0.73 percent, United Overseas Bank lost 0.36 percent, Wilmar International jumped 1.39 percent, Yangzijiang Shipbuilding tumbled 2.22 percent and Keppel Corp, Ascendas REIT, Mapletree Industrial Trust, Singapore Airlines and Comfort DelGro were unchanged.

The lead from Wall Street ends up mixed and flat after the major averages shook off early support on Wednesday, fading late and ending on opposite sides of the unchanged line.

The Dow added 61.75 points or 0.19 percent to finish at 33,301.93, while the NASDAQ eased 1.81 points or 0.01 percent to close at 12,488.93 and the S&P 500 rose 8.76 points or 0.21 percent to end at 4,183.96.

The markets had opened higher on bargain hunting and earnings optimism but gave back most of those gains as the day progressed on worries over a Covid-fueled economic slowdown and the outlook for interest rates.

In economic news, the National Association of Realtors said that pending home sales fell for the fifth straight month in March, although the decline was less than expected.

Crude oil prices climbed higher on Wednesday, lifted by data showing a drop in gasoline and distillate stockpiles last week. West Texas Intermediate Crude oil futures for rose $0.32 or 0.3 percent at $102.02 a barrel.

Closer to home, Singapore will see preliminary Q1 figures for unemployment later today; in the three months prior, the jobless rate was 2.4 percent.