logo
Plus   Neg
Share
Email

Singapore Stock Market May Snap Losing Streak

The Singapore stock market has finished lower in back-to-back trading days, surrendering almost 40 points or 1.3 percent along the way. The Straits Times Index now rests just above the 3,190-point plateau and it's looking at a green light on Tuesday.

The global forecast for the Asian markets is firm thanks to solid economic data, rising oil prices and expected bargain hunting. The European and U.S. markets were up and the Asian bourses are tipped to follow that lead.

The STI finished slightly lower on Monday following losses from the industrials and mixed performances from the financials, properties and plantations.

For the day, the index dipped 4.45 points or 0.14 percent to finish at 3,191.42 after trading between 3,185.06 and 3,197.71. Volume was 952.52 million shares worth 792.81 million Singapore dollars. There were 234 decliners and 168 gainers.

Among the actives, Hutchison Port Holdings surged 4.44 percent, while Singapore Exchange plunged 3.74 percent, Golden Agri-Resources tumbled 1.82 percent, Yangzijiang Shipbuilding skidded 0.72 percent, Thai Beverage jumped 0.63 percent, United Overseas Bank dropped 0.44 percent, Comfort DelGro climbed 0.41 percent, SembCorp Industries shed 0.39 percent, Ascendas REIT advanced 0.36 percent, SingTel fell 0.34 percent, Wilmar International added 0.31 percent, CapitaLand gained 0.29 percent, DBS Group collected 0.24 percent, Oversea-Chinese Banking Corporation lost 0.18 percent and CapitaLand Commercial Trust, CapitaLand Mall Trust, Genting Singapore and Keppel Corp all were unchanged.

The lead from Wall Street is broadly positive thanks to bargain hunting after a rough couple of sessions. The major averages opened in the green on Monday and stayed there throughout the session.

The Dow added 200.64 points or 0.79 percent to 25,650.88, while the NASDAQ spiked 149.92 points or 2.02 percent to 7,558.06 and the S&P 500 jumped 40.23 points or 1.47 percent to 2,783.30.

The rally on Wall Street came following a report from the Commerce Department showing an unexpected uptick in U.S. retail sales in January. The Commerce Department also noted business inventories increased as expected in December.

But the upside for the Dow was limited by a big drop in shares of Boeing, with the aerospace giant slumping 5.3 percent. Boeing came under pressure following the crash of Ethiopian Airlines Flight 302, which was the second crash in five months involving the company's 737 Max 8 model.

Crude oil prices moved higher on Monday, lifted by reports that Saudi Arabia will extend output cuts. West Texas Intermediate Crude futures for April ended up $0.72 or 1.3 percent at $56.79 a barrel.

Closer to home, Singapore will provide January data for retail sales later today; in December, sales were up 3.4 percent on month and 6.0 percent on year.

For comments and feedback contact: editorial@rttnews.com

Market Analysis

Follow RTT