Renewed support is expected for the Singapore stock market
(RTTNews) – The Singapore stock market headed south again on Tuesday, a session after halting the three-day slide in which it fell more than 45 points or 1.5%. The Straits Times index is now just above the 3,100 point plateau, although it is expected to rebound again on Wednesday.
Overall forecasts for Asian markets are inconsistent, with gains in technology stocks likely to be offset by weakness in energy producers. European markets were down and US markets were mixed and Asian markets appear to be following the latter lead.
The STI ended slightly lower on Tuesday after property and industrial losses, while financial stocks were mixed.
For the day, the index fell 16.13 points or 0.52% to end at 3,104.11 after trading between 3,099.44 and 3,135.05. The volume was 989.6 million shares worth 834 million Singapore dollars. There were 266 rejections and 187 winners.
Among assets, Ascendas REIT fell 0.70%, while CapitaLand Integrated Commercial Trust plunged 3.27%, CapitaLand Investment, Oversea-Chinese Banking Corporation and Singapore Exchange all slipped 0.53%, City Developments fell 0.50%, Comfort DelGro fell 1.43%, DBS Group added. 0.23%, Hongkong Land lost 0.39%, Keppel Corp rose 0.15%, Mapletree Commercial Trust fell 1.64%, Mapletree Industrial Trust weakened 0.77%, Mapletree Logistics Trust fell 1.18%, SATS fell 0.51%, SembCorp Industries fell 0.35%, Singapore Technologies Engineering slipped 0.25%, Thai Beverage fell 1.54%, United Overseas Bank fell 0.22%, Wilmar International fell 1.23%, Yangzijiang Financial fell 3.61%, Yangzijiang Shipbuilding fell 1.07% and Genting Singapore, SingTel, Venture Corporation and UOL Group have remained unchanged.
Wall Street’s lead is mixed to higher as major averages opened Tuesday with heavy losses; they improved throughout the session, although the Dow Jones remained stuck in the red.
The Dow Jones lost 129.44 points or 0.42% to end at 30,967.82, while the NASDAQ jumped 194.39 points or 1.75% to end at 11,322.24 and the S&P 500 rose. rose 6.06 points or 0.16% to end at 3,831.39.
Growth fears trumped news that US President Joe Biden may announce a reduction in some US tariffs on Chinese imports.
Investors were also eagerly awaiting the release of minutes from the central bank’s latest policy meeting and nonfarm payrolls data, which are expected to be released later in the week.
In economic news, the Labor Department said factory orders rose more than expected in May.
Crude oil prices fell sharply on Tuesday on worries about the outlook for energy demand following a spike in Covid cases in China, while fears of Fed tightening, a strong greenback and a possible global slowdown also weighed on oil prices. West Texas Intermediate crude oil futures for August fell $8.93 or 8.2% to $99.50 a barrel.
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