Plus   Neg

Renewed Support Predicted For Singapore Shares

The Singapore stock market on Wednesday snapped the modest two-day winning streak in which it had advanced almost 35 points or 1.1 percent. The Straits Times Index now rests just beneath the 3,090-point plateau although it's expected to bounce higher again on Thursday.

The global forecast for the Asian markets is upbeat on renewed optimism for a trade deal between the United States and China. The European and U.S. markets were up and the Asian markets figure to open in similar fashion.

The STI finished modestly lower on Wednesday following losses from the financial shares, property stocks and industrial issues.

For the day, the index shed 20.95 points or 0.67 percent to finish at 3,089.90 after trading between 3,084.20 and 3,102.75. Volume was 899.66 million shares worth 936.54 Singapore dollars. There were 207 decliners and 156 gainers.

Among the actives, Dairy Farm International Holdings plunged 4.40 percent, while Yangzijiang Shipbuilding plummeted 2.63 percent, Golden Agri-Resources tumbled 2.33 percent, Singapore Technologies Engineering jumped 1.28 percent, SingTel skidded 0.95 percent, CapitaLand retreated 0.85 percent, Wilmar International and Comfort DelGro both declined 0.83 percent, United Overseas Bank dropped 0.70 percent, Oversea-Chinese Banking Corporation shed 0.66 percent, DBS Group sank 0.65 percent, Genting Singapore advanced 0.56 percent, Keppel Corp lost 0.51 percent, CapitaLand Commercial Trust fell 0.48 percent, SembCorp Industries and Singapore Press Holdings both slid 0.47 percent, CapitaLand Mall Trust dipped 0.38 percent, Singapore Exchange was down 0.36 percent, Ascendas REIT eased 0.32 percent and Hongkong Land Holdings, Mapletree Commercial Trust and Thai Beverage were unchanged.

The lead from Wall Street is positive as stocks moved mostly higher on Wednesday, with traders expressing renewed optimism about upcoming U.S.-China trade talks.

The Dow added 181.97 points or 0.70 percent to 26,346.01, while the NASDAQ jumped 79.96 points or 1.02 percent to 7,903.74 and the S&P 500 rose 26.34 points or 0.91 percent to 2,919.40.

The strength on Wall Street followed reports that China is still open to reaching a partial trade deal with the U.S. Negotiators aren't optimistic about securing a broad agreement but said China would accept a limited deal as long as President Donald Trump does not impose any more tariffs.

Meanwhile, traders largely shrugged off the minutes of the Federal Reserve's September monetary policy meeting, which revealed a few participants expressed concerns that the markets expect more interest rate cuts than are appropriate.

Crude oil futures settled lower Wednesday after data showed an increase in U.S. crude inventories last week. West Texas Intermediate Crude oil futures for November edged down $0.04 to $52.59 a barrel after hitting a high of $53.74 a barrel.

For comments and feedback contact: editorial@rttnews.com

Follow RTT