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Singapore Stock Market Poised To End Losing Streak

The Singapore stock market has finished lower in three straight sessions, slipping nearly 40 points or 1.1 percent along the way. The Straits Times Index now rests just above the 3,530-point plateau although it may find traction on Thursday.

The global forecast for the Asian markets suggests mild upside, thanks to a bump in crude oil prices. The European and U.S. markets were up and the Asian bourses figure to follow suit.

The STI finished slightly lower on Wednesday as losses from the plantations, properties and industrials were mitigated by support from the financial sector.

For the day, the index sank 7.18 points or 0.20 percent to finish at 3,533.05 after trading between 3,521.94 and 3,552.92. Volume was 2 billion shares worth 1.4 billion Singapore dollars. There were 257 decliners and 162 gainers.

Among the actives, Golden Agri-Resources plummeted 2.86 percent, while Yangzijiang Shipbuilding plunged 2.59 percent, CapitaLand Commercial Trust tumbled 1.71 percent, Hutchison Port Holdings surged 1.54 percent, CapitaLand Mall Trust skidded 1.42 percent, Comfort DelGro jumped 1.28 percent, CapitaLand dropped 1.11 percent, Oversea-Chinese Banking Corporation climbed 1.00 percent, Genting Singapore shed 0.76 percent, Wilmar International lost 0.63 percent, SingTel fell 0.29 percent, DBS Group collected 0.14 percent and United Overseas Bank added 0.10 percent.

The lead from Wall Street is positive as stocks fluctuated on Wednesday but finished mostly higher - offsetting somewhat the sharp pullback in the previous session.

The Dow rose 62.52 points or 0.25 percent to 24,768.93, the NASDAQ advanced 46.67 points or 0.63 percent to 7,398.30 and the S&P 500 climbed 11.01 points or 0.41 percent to 2,722.46.

Buying interest was subdued, with geopolitical uncertainty keeping some traders on the sidelines after North Korea threatened to cancel an historic meeting between leader Kim Jong Un and President Donald Trump.

In economic news, the Commerce Department reported a sharp pullback in new residential construction in April, while building permits also tumbled. Also, the Federal Reserve said industrial production increased more than expected in April.

Crude oil futures nudged higher Wednesday amid a large decrease in U.S. oil stockpiles. June WTI oil inch up by 18 cents, or nearly 0.3 percent, to settle at $71.49/bbl.

Closer to home, Singapore will see April figures for imports, exports and trade balance later today. In March, imports were worth 39.86 billion SGD and exports were at 45.71 billion SGD for a trade surplus of 5.85 billion SGD.

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