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Singapore Bourse Likely To Remain Rangebound

The Singapore stock market has alternated between positive and negative finishes through the last four trading days since the end of the two-day slide in which it had given away almost 25 points or 0.7 percent. The Straits Times Index now rests just above the 3,230-point plateau and it's looking at another narrow trading range on Thursday.

The global forecast for the Asian markets is mildly positive, again riding continued strength from crude oil prices. The European and U.S. markets were slightly higher and the Asian markets figure to follow suit.

The STI finished slightly lower on Wednesday following losses from the financials and properties.

For the day, the index dipped 5.33 points or 0.16 percent to finish at 3,230.36 after trading between 3,221.10 and 3,237.19. Volume was 1.8 billion shares worth 1.1 billion Singapore dollars.

Among the actives, Yangzijiang Shipbuilding spiked 2.80 percent, while Wilmar International advanced 2.16 percent, Singapore Press Holdings climbed 1.55 percent, Hutchison Port Holdings skidded 1.10 percent, Thai Beverage tumbled 1.07 percent, CapitaLand Mall Trust dropped 0.95 percent, CapitaLand shed 0.80 percent, DBS Group lost 0.54 percent, United Overseas Bank and Genting Singapore both fell 0.43 percent, SingTel added 0.27 percent and Golden Agri-Resources and Oversea-Chinese Banking Corporation were unchanged.

The lead from Wall Street suggests mild upside as stocks wound up slightly higher on Wednesday, bouncing back and forth across the unchanged line before finishing slightly higher at fresh record closing highs.

The Dow added 39.32 points or 0.18 percent to 22,158.18, while the NASDAQ gained 5.91 points or 0.09 percent to 6,460.19 and the S&P was up 1.89 points or 0.08 percent to 2,498.37.

The choppy trading came amidst uncertainty about the near-term outlook for the markets following recent strength. Traders also stuck to the sidelines ahead of key economic data later this week.

Traders kept an eye on Washington, where House Speaker Paul Ryan, R-Wis., said Republicans will release an outline of their tax reform plan the week of September 25th.

Energy stocks saw considerable strength, with an increase by the price of crude oil generating buying interest. Crude oil for October delivery jumped $1.07 to $49.30 a barrel.

by RTTNews Staff Writer

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