The Singapore stock market has finished lower in three straight sessions, sinking more than 60 points or 1.8 percent along the way. The Straits Times Index now rests just beneath the 3,180-point plateau although it may stop the bleeding on Thursday.
The global forecast for the Asian markets is positive, with technology, retail and energy stocks expected to lead the way higher. The European and U.S. markets were up and the Asian bourses are tipped to follow that lead.
The STI finished modestly lower on Wednesday following losses from the financials and properties, while the industrials were mixed.
For the day, the index shed 15.46 points or 0.48 percent to finish at 3,179.58 after trading between 3,172.19 and 3,208.97. Volume was 1.35 billion shares worth 1.21 billion Singapore dollars. There were 229 decliners and 204 gainers.
Among the actives, Ascendas REIT stumbled 0.74 percent, while CapitaLand Integrated Commercial Trust declined 0.90 percent, CapitaLand Investment lost 0.26 percent, City Developments retreated 0.87 percent, Comfort DelGro plummeted 2.07 percent, Hongkong Land surrendered 1.06 percent, Keppel Corp gained 0.30 percent, Mapletree Commercial Trust dropped 0.56 percent, Mapletree Industrial Trust and Singapore Exchange both slumped 0.41 percent, Mapletree Logistics Trust skidded 0.62 percent, Oversea-Chinese Banking Corporation shed 0.34 percent, SATS plunged 1.54 percent, SembCorp Industries added 0.72 percent, Singapore Technologies Engineering rose 0.25 percent, SingTel fell 0.38 percent, United Overseas Bank tanked 1.33 percent, Yangzijiang Shipbuilding sank 0.55 percent and Wilmar International, Yangzijiang Financial, DBS Group, Genting Singapore and Thai Beverage were unchanged.
The lead from Wall Street is upbeat as the major averages opened fairly flat on Wednesday and showed little movement in the morning but accelerated into the close to end solidly higher.
The Dow jumped 191.66 points or 0.60 percent to finish at 32,120.28, while the NASDAQ spiked 170.29 points or 1.51 percent to end at 11,434.74 and the S&P 500 gained 37.25 points or 0.95 percent to close at 3,978.73.
The higher close on Wall Street came as the minutes of the latest Federal Reserve meeting offered few surprises, although the central bank indicated it intends to move expeditiously to a more neutral monetary policy stance.
The shift toward a more neutral monetary policy stance comes as the Fed seeks to return inflation to its 2 percent goal while sustaining strong labor market conditions.
In economic news, the Commerce Department showed new orders for durable goods increased by less than expected in April.
Crude oil futures settled higher on Wednesday, lifted by tight supplies and expectations of higher demand during the summer driving season. West Texas Intermediate Crude oil futures for July gained $0.56 or 0.5 percent at $110.33 a barrel.
Closer to home, Singapore will see April data for industrial production later today, with forecasts suggesting an increase of 8.1 percent on month and 5.1 percent on year. That follows he 12.6 percent monthly contraction and the 3.4 percent yearly gain in March.
Market Analysis
Singapore Stock Market May Halt Losing Streak
2022-05-26 00:00:07
