The Singapore stock market has alternated between positive and negative finishes through the last seven trading days since the end of the three-day winning streak in which it had gained almost 60 points or 1.9 percent. The Straits Times Index now rests just above the 3,225-point plateau and it’s tipped to open under pressure again on Thursday.
The global forecast for the Asian markets is soft on concerns for rising inflation and slowing growth. The European and U.S. markets were down and the Asian bourses are expected to follow that lead.
The STI finished slightly lower on Wednesday as losses from the financial shares and the industrial issues were mitigated by support from the property sector.
For the day, the index dipped 5.74 points or 0.18 percent to finish at 3,225.80 after trading between 3,220.67 and 3,241.80. Volume was 2.1 billion shares worth 1.5 billion Singapore dollars. There were 307 gainers and 212 decliners.
Among the actives, Ascendas REIT and DFI Retail both advanced 0.71 percent, while CapitaLand Integrated Commercial Trust strengthened 1.35 percent, CapitaLand Investment and United Overseas Bank both declined 0.77 percent, City Developments added 0.48 percent, DBS Group retreated 0.97 percent, Genting Singapore skidded 0.64 percent, Hongkong Land soared 1.92 percent, Keppel Corp lost 0.15 percent, Mapletree Commercial Trust rallied 1.67 percent, Mapletree Industrial Trust jumped 1.61 percent, Mapletree Logistics Trust spiked 1.81 percent, Oversea-Chinese Banking Corporation eased 0.08 percent, SATS surged 1.98 percent, SembCorp Industries tanked 1.42 percent, Singapore Technologies Engineering slumped 0.48 percent, SingTel tumbled 1.16 percent, Thai Beverage plunged 1.46 percent, Wilmar International shed 0.24 percent, Yangzijiang Shipbuilding plummeted 1.96 percent and Comfort DelGro, Singapore Exchange and Yangzijiang Financial were unchanged.
The lead from Wall Street is negative as the major averages opened lower and spent most of the session in the red before finishing firmly in negative territory.
The Dow shed 269.24 points or 0.81 percent to finish at 32,910.90, while the NASDAQ lost 88.96 points or 0.73 percent to end at 12,086.27 and the S&P 500 sank 44.91 points or 1.08 percent to close at 4,115.77.
The weakness on Wall Street followed lower global growth forecasts by the World Bank and the Organization for Economic Cooperation and Development weighed as well.
Higher treasury yields also caused the market’s decline after they rose above the psychologically important 3 percent level, fueling concerns about inflation.
In economic news, the Commerce Department said wholesale inventories in the United States increased more than expected in April, although they were down from the previous month.
Crude oil prices climbed higher on Wednesday, buoyed by a sharp drop in gasoline inventories in the U.S. last week, and on optimism for increased demand from China. West Texas Intermediate Crude oil futures for July ended higher by $2.70 or 2.3 percent at $122.11 a barrel, hitting a three-week high.
Market Analysis
Continued Consolidation Predicted For Singapore Stock Market
2022-06-09 00:00:10
