Plus   Neg

Profit Taking Likely To Hit Singapore Bourse

The win streak has hit four sessions now for the Singapore stock market, which has advanced more than 100 points or 3 percent in that span. The Straits Times Index now rests just above the 3,550-point plateau although the wheels are likely to come off on Wednesday.

The global forecast for the Asian markets is broadly negative thanks to renewed geopolitical concerns and a drop in crude oil prices. The European and U.S. markets were firmly lower and the Asian bourses figure to follow suit.

The STI finished modestly higher on Tuesday as gains from the financials and properties were capped by mixed performances from the plantations and industrials.

For the day, the index picked up 13.54 points or 0.38 percent to finish at 3,553.73 after trading between 3,530.96 and 3,555.98. Volume was 1.5 billion shares worth 1.3 billion Singapore dollars. There were 213 gainers and 199 decliners.

Among the actives, Singapore Technologies Engineering surged 2.33 percent, while Yangzijiang Shipbuilding plummeted 1.49 percent, Hutchison Port Holdings tumbled 1.43 percent, Golden Agri-Resources skidded 1.39 percent, Thai Beverage dropped 1.22 percent, DBS Group jumped 1.15 percent, CapitaLand Commercial Trust climbed 1.14 percent, Oversea-Chinese Banking Corporation collected 1.04 percent, Genting Singapore shed 0.88 percent, United Overseas Bank added 0.76 percent, SingTel gained 0.59 percent, Comfort DelGro picked up 0.49 percent, Keppel Corp and Ascendas REIT both advanced 0.38 percent and SembCorp Industries was unchanged.

The lead from Wall Street is soft as stocks failed to hold a higher open Tuesday before sliding firmly into negative territory.

The Dow slid 171.58 points or 0.68 percent to 25,007.03, while the NASDAQ tumbled 77.31 points or 1.02 percent to 7,511.01 and the S&P fell 17.71 points or 0.64 percent to 2,765.31.

The weakness came amid renewed geopolitical concerns after President Donald Trump fired Secretary of State Rex Tillerson and replaced him with CIA Director Mike Pompeo.

Traders shrugged off a Labor Department report showing a modest increase in consumer prices and core CPI in February.

Crude oil futures were lower Tuesday amid expectations that U.S. oil inventories rose for a third week in a row. April WTI oil was down 65 cents or 1.1 percent to settle at $60.71/bbl.

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