The Singapore stock market has finished higher now in five straight sessions, gathering more than 85 points or 2.8 percent along the way. The Straits Times Index finished just above the 3,035-point plateau, although now analysts are expecting to see a downward correction when the market opens for business on Wednesday.
The global forecast for the Asian markets is broadly negative, thanks to renewed concerns about the European financial sector. Not surprisingly, the financials are expected to plummet, while the oil companies, properties and airlines also are likely to be weak. With gold at a fresh record high, the safe haven is expected to provide support. The European and U.S. markets ended sharply lower, and the Asian markets are expected to follow suit.
The STI finished barely higher on Tuesday as profit taking from the commodities and industrials wiped out gains from the broader market.
For the day, the index added 1.51 points or 0.05 percent to finish at the daily high of 3,036.09 after falling as low as 3,018.85. Volume was 1.31 billion shares worth 1.23 billion Singapore dollars. There were 252 decliners and 184 gainers.
Among the decliners, Olam International shed 1.4 percent, while Wilmar International lost 1.5 percent and SembCorp Marine eased 0.3 percent.
The lead from Wall Street is weak as stocks fell by sharp margins to open the Labor Day-shortened week on Tuesday, as profit taking following last week's gains drove the major averages down off of their best closing levels in three weeks. Nonetheless, the pullback came on low volume, with many traders staying away from their desks following the three-day weekend.
Coca-Cola Enterprises, Inc. (CCE) moved moderately higher on the day after the largest bottler of Coca-Cola (KO) beverages raised its full year earnings outlook to a range of $1.78 to $1.82 per share. Earlier, the company had estimated earnings in the range of $1.73 to $1.77 per share.
Meanwhile, Idenix Pharmaceuticals, Inc. (IDIX) fell sharply after saying it received a verbal notice from the FDA placing a clinical hold on the company's IDX184 and IDX320 programs in hepatitis C virus-infected patients.
The markets also digested some key management shifts at a number of major firms. Beckman Coulter, Inc. (BEC) announced that its chairman, president and CEO Scott Garrett has resigned, while Robert Hurley was named the company's interim President and CEO.
Oracle Corp. (ORCL) also revealed that former Hewlett-Packard (HPQ) CEO Mark Hurd has been appointed as its co-president. However, HP has subsequently filed a lawsuit against Hurd based on conflict of interest.
Additionally, Barclays Plc (BCS) named Robert Diamond as its CEO, effective next year. Diamond will succeed John Varley, who intends to step down as CEO and from the Barclays Boards and the Group Executive Committee on March 31, 2011.
The major averages saw some late-day volatility, ending near their session lows. The Dow fell by 107.24 points or 1 percent to end at 10,340.69, the NASDAQ declined by 24.86 points or 1.1 percent to 2,208.89 and the S&P 500 lost 12.67 points or 1.1 percent to close at 1,091.84.
In economic news, Singapore's official foreign reserves slightly decreased in August from the previous month, the Monetary Authority of Singapore said on Tuesday. The total official foreign reserves dropped to US$206.41 billion in August from US$206.93 billion in the previous month. A year earlier, foreign reserves totaled US$176.26 billion.
Gold and foreign exchange reserves decreased to US$277.18 billion from US$279.06 billion in the previous month. Similarly, the SDR holdings dropped to US$2.028 billion from US$2.029 billion last month. Meanwhile, nation's reserve position with the International Monetary Fund totaled US$343.4 million in August, down from US$347.4 million in the preceding month.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.