Plus   Neg

Renewed Selling Pressure Tipped For Singapore Shares

The Singapore stock market on Wednesday snapped the two-day losing streak in which it had fallen almost 50 points or 1.6 percent. The Straits Times Index remains just above the 3,145-point plateau although it's predicted to turn lower again on Thursday.

The global forecast for the Asian markets is emphatically negative thanks to worrying signs about the health of the global economy. The European and U.S. markets finished sharply lower and the Asian markets are tipped to follow suit.

The STI finished barely higher on Wednesday following gains from the financials, weakness from the plantations and a mixed picture from the property sector.

For the day, the index picked up 0.87 points or 0.03 percent to finish at 3,147.60 after trading between 3,136.84 and 3,174.73. Volume was 1.04 billion shares worth 1.28 billion Singapore dollars. There were 219 gainers and 195 decliners.

Among the actives, Wilmar International plummeted 4.69 percent, while Comfort DelGro plunged 4.20 percent, Thai Beverage surged 1.84 percent, Golden Agri-Resources tumbled 1.67 percent, CapitaLand Commercial Trust skidded 1.46 percent, Singapore Technologies Engineering dropped 1.17 percent, Genting Singapore climbed 1.15 percent, Hutchison Port Holdings shed 1.06 percent, Singapore Press Holdings sank 0.96 percent, Oversea-Chinese Banking Corporation collected 0.91 percent, CapitaLand Mall Trust lost 0.76 percent, DBS Group advanced 0.73 percent, Keppel Corp added 0.68 percent, SingTel fell 0.63 percent, United Overseas Bank gained 0.58 percent, CapitaLand rose 0.29 percent and Yangzijiang Shipbuilding and Ascendas REIT were unchanged.

The lead from Wall Street broadly negative as stocks showed a substantial pullback on Wednesday, sending the major averages to two-month closing lows.

The Dow plummeted 800.49 points or 3.05 percent to 25,479, while the NASDAQ tumbled 242.42 points or 3.02 percent to 7,773.94 and the S&P 500 plunged 85.72 points or 2.93 percent to 2,840.60.

The sell-off on Wall Street came amid concerns about a potential recession after the yield on the benchmark ten-year note dropped below the yield on the two-year note - which is widely seen as an indicator of a recession.

The yield on the closely watched thirty-year bond also showed a notable decrease on the day, tumbling to a new record low.

Crude oil prices cratered Wednesday on increasing worries about the outlook for global demand and concern of a supply glut after data showed that U.S. crude oil inventories rose by 1.6 million barrels last week. West Texas Intermediate tumbled $1.71 or 3.01 percent to $55.02 per barrel.

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