More pain predicted for Singapore stock market

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(RTTNews) – The Singapore stock market has alternated positive and negative finishes over the past seven trading days since the end of the two-day winning streak in which it added more than a dozen points or 0.4%. The Straits Times Index now sits just above the 3,075 point plateau and is expected to open again under pressure on Wednesday.

Global forecasts for Asian markets are weak due to concerns about the outlook for interest rates and the economic recovery. European and American markets were down sharply and Asian stock markets should follow suit.

The STI ended slightly lower on Tuesday following losses in financial stocks, real estate stocks and industrial issues.

For the day, the index lost 22.61 points or 0.73% to end at 3,077.69 after trading between 3,074.70 and 3,098.58. The volume was 1.84 billion shares worth S $ 1.29 billion. There were 247 declining and 229 winners.

Among assets, Ascendas REIT lost 0.97%, while CapitaLand Integrated Commercial Trust fell 1.44%, City Developments fell 0.85%, Dairy Farm International fell 1.45%, DBS Group fell 0.13%, Genting Singapore fell 3.36%, Hongkong Land added 0.21%, Keppel Corp slipped 1.51%, Mapletree Commercial Trust fell 1.87%, Mapletree Logistics Trust lost 0.96%, Oversea-Chinese Banking Corporation fell 1.03%, SembCorp Industries plunged 2.65%, Singapore Airlines and Singapore Exchange both sank 1.19%, Singapore Technologies Engineering a fell 2.07%, SingTel gave up 1.20%, United Overseas Bank fell 0.58%, Wilmar International jumped 1.70%, Yangzijiang Shipbuilding slipped 0.71% and Thai Beverage, SATS , Singapore Press Holdings, CapitaLand and Comfort DelGro remained unchanged.

Wall Street’s lead is generally negative as the major averages opened solidly in the red on Tuesday and stayed that way throughout the session.

The Dow Jones fell 569.38 points or 1.63% to close at 34,299.99, while the NASDAQ plunged 423.29 points or 2.83% to close at 14,546.68 and the S&P 500 fell 90.48 points or 2.04% to finish at 4,352.63.

Technology stocks contributed to the decline in markets amid continued rising Treasury bill yields. Continuing the bullish movement seen since the Federal Reserve’s announcement last week, the benchmark ten-year bond yield hit its highest levels in more than three months.

The increase in Treasury bill yields, which move opposite to bond prices, came as the Fed announced its intention to start cutting back on asset purchases in the near future.

Also contributing to the continued rise in yields, Federal Reserve Chairman Jerome Powell warned members of the Senate Banking Committee of the upside risks to inflation during testimony Tuesday morning. .

Crude oil futures closed lower on Tuesday, ending a five-day winning streak as a massive sell-off in stock markets and a stronger dollar weighed on the commodity. West Texas Intermediate crude oil futures for November ended down $ 0.16 or 0.2% at $ 75.29 a barrel.

Closer to home, Singapore will release August figures for import prices, export prices and producer prices later today. In July, import prices rose 12.5% ​​year on year, export prices 13.0% year on year and producer prices jumped 17.0% year on year .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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