The Singapore stock market has finished lower in three straight sessions, slipping more than 40 points or 1.4 percent along the way. The Straits Times Index now rests just beneath the 3,180-point plateau and it’s tipped to open under pressure again on Wednesday.
The global forecast for the Asian markets is soft, with technology stocks and airlines expected to lead the way lower. The European markets were down and the U.S. bourses were mostly negative and the Asian markets are also tipped to open under pressure.
The STI finished slightly lower on Tuesday following mixed performances from the financials, properties and industrials.
For the day, the index dipped 5.63 points or 0.18 percent to finish at 3,179.13 after trading between 3,168.56 and 3,186.00. Volume was 1.23 billion shares worth 1.18 billion Singapore dollars. There were 221 decliners and 214 gainers.
Among the actives, Ascendas REIT added 0.65 percent, while CapitaLand Integrated Commercial Trust and SembCorp Industries both shed 0.48 percent, City Developments gained 0.64 percent, Comfort DelGro dropped 0.59 percent, Dairy Farm International surged 1.86 percent, DBS Group sank 0.64 percent, Keppel Corp was up 0.19 percent, Mapletree Commercial Trust rallied 1.11 percent, Mapletree Logistics Trust advanced 1.02 percent, Oversea-Chinese Banking Corporation collected 0.66 percent, SATS tanked 0.99 percent, Singapore Airlines rose 0.40 percent, Singapore Exchange increased 0.29 percent, Singapore Press Holdings spiked 1.12 percent, Singapore Technologies Engineering fell 0.26 percent, SingTel lost 0.41 percent, Thai Beverage soared 1.41 percent, United Overseas Bank dipped 0.19 percent, Wilmar International improved 0.60 percent and Yangzijiang Shipbuilding, CapitaLand, Genting Singapore and Jardine Strategic Holdings were unchanged.
The lead from Wall Street is mainly negative as the major averages opened Tuesday deep in the red and largely stayed that way, although the Dow managed to peak into the green at the close.
The Dow rose 19.80 points or 0.06 percent to finish at 34,133.03, while the NASDAQ plummeted 261 points or 1.88 percent to end at 13,633.50 and the S&P 500 lost 28.00 points or 0.67 percent to close at 4,164.66.
The weakness on Wall Street largely reflected a continued pullback by technology stocks, with traders cashing in on tech stocks that benefited from the coronavirus-induced lockdowns as more states continue to lift restrictions.
Additional selling pressure was generated in reaction to comments from Treasury Secretary Janet Yellen, who suggested interest rates may have to rise modestly to prevent the economy from overheating amid the recent spike in government spending.
In economic news, the Commerce Department said the U.S. trade deficit hit a new record high in March. The Commerce Department also said new orders for U.S. manufactured goods rebounded less than expected in March.
Crude oil prices moved sharply higher Tuesday, extending gains from previous session amid continued optimism about increased demand for fuel. West Texas Intermediate Crude oil futures for June ended higher by $1.20 or 1.9 percent at $65.69 a barrel.
Closer to home, Singapore will provide March figures for retail sales later today; in February, sales were down 1.6 percent on month and up 5.2 percent on year.
Market Analysis
Continued Consolidation Expected For Singapore Bourse
2021-05-04 23:30:40
