Plus   Neg

Singapore Stock Market May Extend Losses

The Singapore stock market turned decidedly lower again on Wednesday, one session after it had snapped the four-day losing streak in which it had tumbled more than 100 points or 2.9 percent. The Straits Times index now rests just above the 3,380-point plateau it's expected to open lower again on Thursday.

The global forecast for the Asian markets is uninspired as tech shares figure to see continued selling pressure, and a drop in crude oil prices adds to the soft sentiment. The European markets were mixed, and the U.S. bourses were down and the Asian markets figure to split the difference.

The STI finished sharply lower on Wednesday following losses from the financials, industrials and properties.

For the day, the index tumbled 56.57 points or 1.64 percent to finish at the daily low of 3,382.78 after peaking at 3,424.10. Volume was 1.59 billion shares worth 1.36 billion Singapore dollars. There were 318 decliners and 115 gainers.

Among the actives, Yangzijiang Shipbuilding plummeted 4.00 percent, while Hutchison Port Holdings plunged 3.23 percent, DBS Group tumbled 2.65 percent, Oversea-Chinese Banking Corporation skidded 2.55 percent, Keppel Corp dropped 2.17 percent, City Developments declined 2.15 percent, United Overseas Bank retreated 1.88 percent, Genting Singapore shed 1.85 percent, SingTel fell 1.47 percent, Thai Beverage lost 1.25 percent, CapitaLand Mall Trust was down 0.97 percent and Golden Agri-Resources and Hongkong Land Holdings were unchanged.

The lead from Wall Street is negative as stocks saw considerable volatility on Wednesday before finally settling in negative territory.

The Dow shed 9,.29 points or 0.04 percent to 23,848.42, while the NASDAQ lost 59.58 points or 0.85 percent to 6,949.23 and the S&P 500 fell 7,62 points or 0.29 percent to 2,605.00.

The volatility extends a recent trend, while light volume may also have contributed to the choppy trading ahead of the long holiday weekend.

A notable decline by Amazon (AMZN) weighed on the tech-heavy NASDAQ after a report said President Donald Trump wants to "go after" the online retailer.

In economic news, the Commerce Department saw stronger than estimated economic growth in Q4 as GDP was revised up to 2.9 percent from 2.5 percent. Also, the National Association of Realtors noted a bigger than expected rebound in pending home sales in February.

Crude oil futures tumbled Wednesday after the government confirmed a surprise build in U.S. oil inventories. WTI light sweet oil was down 95 cents at $64.30 a barrel.

Closer to home, Singapore will provide February numbers for producer prices later today; in January, producer prices were down 0.5 percent on month and up 2.1 percent on year.

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