Plus   Neg

Singapore Stock Market May Take Further Damage On Wednesday

The losing streak has hit three sessions now for the Singapore stock market, which has fallen almost 25 points or 0.7 percent along the way. The Straits Times Index now rests just beneath the 3,400-point plateau and it's looking at continued consolidation on Wednesday.

The global forecast for the Asian markets is negative thanks to uncertainty over U.S. tax reform and a decline in crude oil prices. The European and U.S. markets were down and the Asian bourses figure to follow suit.

The STI finished modestly lower on Tuesday following losses from the plantations, financials and property stocks.

For the day, the index dropped 20.04 points or 0.59 percent to finish at 3,399.09 after trading between 3,393.66 and 3,422.46. Volume was 2.6 billion shares worth 1.7 billion Singapore dollars. There were 322 decliners and 149 gainers.

Among the actives, Wilmar International plummeted 3.92 percent, while Golden Agri-Resources plunged 2.50 percent, Keppel Corp skidded 1.30 percent, United Overseas Bank tumbled 1.18 percent, SingTel dropped 1.07 percent, Comfort DelGro retreated 0.95 percent, Genting Singapore shed 0.75 percent, CapitaLand lost 0.56 percent, Thai Beverage fell 0.52 percent, Oversea-Chinese Banking Corporation dipped 0.34 percent, DBS Group added 0.04 percent and Yangzijiang Shipbuilding, CapitaLand Mall Trust and Hutchison Port Holdings were unchanged.

The lead from Wall Street is soft as stocks opened lower on Tuesday, regained some ground but still finish in the red - offsetting modest gains from the previous session.

The Dow shed 30.23 points or 0.13 percent to 23,409.47, while the NASDAQ lost 19.72 points or 0.29 percent to 6,737.87 and the S&P 500 fell 5.97 points or 0.23 percent to 2,578.87.

Uncertainty about the outlook for the Republican tax reform proposal weighed as the House prepares to vote on their bill later this week. The House bill has significant differences from the Senate version, raising concerns about whether GOP lawmakers will be able to combine the legislation.

In economic news, the Labor Department reported that producer prices increased more than expected in October - as did core producer prices.

Energy stocks showed a significant move to the downside on Tuesday amid a steep drop by the price of crude oil - which tumbled $1.06 to $55.70 a barrel for December delivery.

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