The Singapore stock market on Thursday snapped the three-day winning streak in which it had advanced more than 45 points or 1.3 percent. The Straits Times Index now rests just above the 3,575-point plateau and it may take further damage on Friday.
The global forecast for the Asian markets is flat to lower on renewed concerns of a trade war between the United States and China. The European markets were down, and the U.S. bourses were mixed but little changed - and the Asian markets figure to split the difference.
The STI finished sharply lower on Thursday following losses from the financials, properties and plantations.
For the day, the index dropped 39.60 points or 1.10 percent to finish at 3,575.68 after trading between 3,556.42 and 3,587.69. Volume was 2.18 billion shares worth 1.47 billion Singapore dollars. There were 285 decliners and 140 gainers.
Among the actives, Venture Corporation soared 1.70 percent, while Oversea-Chinese Banking Corporation tumbled 1.50 percent, United Overseas Bank skidded 1.37 percent, Thai Beverage dropped 1.18 percent, Wilmar International retreated 0.93 percent, Yangzijiang Shipbuilding shed 0.81 percent, DBS Group lost 0.78 percent, SingTel advanced 0.57 percent, CapitaLand Commercial Trust fell 0.55 percent, CapitaLand Mall Trust slid 0.47 percent, SembCorp Industries eased 0.33 percent, CapitaLand added 0.27 percent, Keppel Corp gained 0.25 percent, Comfort DelGro Corporation was up 0.05 percent and Hutchison Port Holdings, Golden Agri-Resources and Genting Singapore were unchanged.
The lead from Wall Street offers little clarity as stocks opened sharply lower on Thursday but staged a recovery to finish mixed and nearly flat.
The Dow added 5.17 points or 0.02 percent to 23,930.15, but the NASDAQ shed 12.75 points or 0.18 percent to 7,088.15 and the S&P 500 dipped 5.94 points or 0.23 percent at 2,629.73.
The recovery on Wall Street came as traders picked up stocks at reduced levels after uncertainty regarding highly anticipated trade talks between the U.S. and China fueled the early sell-off.
In economic news, the Commerce Department noted a narrower U.S. overall trade deficit in March. Although the trade deficit with China widened. Also, the Institute for Supply Management saw a bigger than expected slowdown in the service sector in April.
Crude oil futures rose Thursday amid concerns over a potential withdrawal of the U.S. from Iran's nuclear deal. June WTI oil gained 50 cents or 0.7 percent to settle at $68.43/bbl.
by RTTNews Staff Writer
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