Plus   Neg

Narrow Trading Range Tipped For Singapore Bourse

The Singapore stock market on Monday ended the two-day winning streak in which it had gathered more than 30 points or 1 percent. The Straits Times Index now rests just above the 3,165-point plateau, and the market figures to be rangebound again on Tuesday.

The global forecast for the Asian markets is murky amidst a lack of catalysts, with weakness from crude oil prices limiting any upside. The European and U.S. markets were mixed and flat and the Asian bourses figure to follow suit.

The STI finished slightly lower on Monday as losses from the financials and industrials were mitigated by support from the telecoms.

For the day, the index dipped 3.68 points or 0.12 percent to finish at 3,165.70 after trading between 3,147.89 and 3,172.74.

Among the actives, Keppel Corp shed 0.29 percent, while Yangzijiang Shipbuilding plunged 2.60 percent, Thai Beverage advanced 1.62 percent, SembCorp Industries dropped 0.93 percent, Wilmar International lost 0.83 percent, DBS Group fell 0.68 percent, Oversea-Chinese Banking Corporation gave away 0.31 percent, Noble Group slid 0.50 percent, City Developments eased 0.66 percent and SingTel added 0.25 percent.

The lead from Wall Street provides little clarity as stocks showed a lack of direction on Monday, bouncing back and forth across the unchanged line before ending mixed.

The NASDAQ added 0.53 points or 0.1 percent to 5,901.53, while the Dow shed 8.76 points or 0.1 percent to 20,905.86 and the S&P dipped 4.78 points or 0.2 percent to 2,373.47.

The choppy trading came on a quiet day on the U.S. economic front. The economic calendar remains relatively light throughout the week, although speeches by a number of Federal Reserve officials may also attract attention.

Traders shrugged off disappointment with the G20 meeting, where finance ministers failed to agree on a commitment to keep global trade free and open in response to President Donald Trump's protectionist policies.

Crude oil futures edged lower Monday amid reports that OPEC may extend its supply quota experiment beyond this year. WTI crude oil was down 56 cents or 1.2 percent to $48.22/bbl.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Market Analysis

comments powered by Disqus
Follow RTT