Singapore Stock Market May Extend Tuesday’s Losses

(RTTNews) – The Singapore stock market on Tuesday ended the two-day winning streak in which it had gathered more than 30 points or 1.3 percent. The Straits Times Index now sits just above the 2,470-point plateau and it’s tipped to open in the red again on Wednesday.

The global forecast for the Asian markets is soft on renewed coronavirus concerns and the resulting slide in oil prices. The European and U.S. markets were down and the Asian bourses figure to open in similar fashion.

The STI finished modestly lower on Tuesday as losses from the financial shares and property stocks were offset by support from the industrials.

For the day, the index slid 11.40 points or 0.46 percent to finish at 2,471.61 after trading between 2,470.84 and 2,503.14. Volume was 1.22 billion shares worth 1.06 billion Singapore dollars. There were 244 decliners and 178 gainers.

Among the actives, Dairy Farm International plummeted 3.84 percent, while Keppel Corp surged 2.63 percent, Comfort DelGro plunged 2.07 percent, Mapletree Commercial Trust tanked 1.50 percent, DBS Group tumbled 1.19 percent, City Developments skidded 1.17 percent, Mapletree Logistics Trust retreated 0.97 percent, Singapore Press Holdings declined 0.95 percent, SingTel surrendered 0.94 percent, Oversea-Chinese Banking Corporation sank 0.82 percent, United Overseas Bank dropped 0.78 percent, SembCorp Industries advanced 0.76 percent, Singapore Exchange shed 0.76 percent, Genting Singapore lost 0.74 percent, Yangzijiang Shipbuilding added 0.50 percent, CapitaLand fell 0.37 percent, SATS gained 0.36 percent, Singapore Airlines rose 0.29 percent, Wilmar International was up 0.23 percent and CapitaLand Mall Trust, Ascendas REIT, Singapore Technologies Engineering, Thai Beverage and CapitaLand Commercial Trust were unchanged.

The lead from Wall Street is negative as stocks opened lower on Tuesday and saw the losses accelerate as the day progressed to end in the red, snapping a three-day winning streak.

The Dow shed 131.40 points or 0.48 percent to finish at 27,452.66, while the NASDAQ fell 32.28 points or 0.29 percent to end at 11,085.25 and the S&P 500 fell 15.13 points or 0.48 percent to close at 3,335.47.

Although stocks moved off the day’s lows, the mood remained cautious as investors looked ahead to the first presidential debate between Donald Trump and Democratic candidate Joe Biden later today.

Lingering worries about the spread of coronavirus infections and fears of fresh lockdown measures weighed on the markets. Comments by Fed officials that the economy might take longer than expected to recover also affected the markets.

Crude oil prices fell sharply on Tuesday as worries about energy demand resurfaced after reports of a surge in new coronavirus cases. West Texas Intermediate Crude oil futures for November fell $1.31 or 3.2 percent at $39.29 a barrel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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