logo
Plus   Neg
Share
Email

Singapore Bourse May Find Additional Support

The Singapore stock market on Wednesday snapped the five-day slide in which it had tumbled more than 100 points or 3.1 percent. The Straits Times Index now rests just beneath the 3,125-point plateau and it may add to its winnings on Thursday.

The global forecast for the Asian markets is cautiously optimistic thanks to a spike in crude oil prices. The European markets were slightly higher and the U.S. bourses were mixed but little changed - and the Asian markets figure to split the difference.

The STI finished modestly higher on Wednesday following gains from the financial shares and industrial issues.

For the day, the index advanced 14.74 points or 0.47 percent to finish at 3,124.65 after trading between 3,102.73 and 3,132.11. Volume was 1.9 billion shares worth 1 billion Singapore dollars. There were 208 gainers and 173 decliners.

Among the actives, Yangzijiang Shipbuilding surged 4.59 percent, while Golden Agri-Resources plummeted 3.92 percent, SembCorp Industries soared 3.52 percent, Thai Beverage spiked 2.46 percent, Keppel Corp jumped 2.20 percent, Genting Singapore climbed 1.96 percent, Hongkong Land Holdings advanced 1.18 percent, CapitaLand Commercial Trust tumbled 1.14 percent, Oversea-Chinese Banking Corporation collected 0.82 percent, Comfort DelGro perked 0.44 percent, DBS Group added 0.41 percent, Wilmar International gained 0.32 percent, United Overseas Bank was up 0.27 percent and Hutchison Port Holdings, CapitaLand, Singapore Airlines, SingTel, Ascendas REIT and CapitaLand Mall Trust all were unchanged.

The lead from Wall Street is murky as stocks showed a lack of direction on Wednesday before ending mixed and roughly flat.

The Dow added 27.86 points or 0.11 percent to 25,998.92, while the NASDAQ fell 18.25 points or 0.23 percent to 7,954.23 and the S&P 500 gained 1.03 points or 0.04 percent to 2,888.92.

Traders seemed reluctant to make significant moves amid lingering uncertainty about the trade dispute between the U.S. and China, despite reports of a new round of talks in the near future.

In economic news, the Labor Department noted a drop in producer prices in August, while the Federal Reserve's Beige Book said the U.S. economy expanded at a moderate pace through the end of August.

Crude oil prices climbed higher on Wednesday after the U.S. Energy Information Administration noted a drop in crude inventories last week. Crude oil futures for October delivery ended up $1.12 or 1.6 percent at $70.37 a barrel, the best settlement price in about eight weeks.

For comments and feedback contact: editorial@rttnews.com

Market Analysis

Follow RTT