Singapore stock market green light for Tuesday trading

(RTTNews) – Singapore’s stock market has fallen in five consecutive trading days, losing nearly 115 points or 3.8% along the way. The Straits Times Index now sits just above the 3,120 point plateau, although it may find support on Tuesday. Global forecasts for Asian markets are positive as markets seek to recover from massive sales following discovery of a new strain of coronavirus. European and American markets were up and Asian stock markets are expected to follow suit.

The STI ended sharply lower on Monday following losses in financial stocks, real estate and industrial issues.

For the day, the index lost 45.69 points or 1.44% to end at 3,120.58 after trading between 3,115.97 and 3,147.17. Among assets, Ascendas REIT fell 0.99%, while CapitaLand Integrated Commercial Trust fell 2.28%, City Developments lost 0.85%, Comfort DelGro plunged 2.72%, Dairy Farm International gained 0.31%, DBS Group fell 2.47%, Genting Singapore fell 0.63%, Hongkong Land jumped 0.72%, Keppel Corp fell 1.33%, Mapletree Commercial Trust Stumbled 1.42%, Mapletree Logistics Trust slipped 0.52%, Oversea-Chinese Banking Corporation fell 1.82%, SATS fell 2.01%, SembCorp Industries sank 1.01% , Singapore Airlines fell 2.77 percent, Singapore Exchange added 0.54 percent, Singapore Technologies Engineering fell 0.26 percent, SingTel weakened 1.23 percent, Thai Beverage slipped by 1.44 percent, United Overseas Bank gave up 2.14 percent, Wilmar International lost 0.71 percent and Yangzijiang Shipbuilding and Singapore Press Holdings remained unchanged.

The Wall Street lead is bullish as the major averages opened firmly higher on Monday and remained in the green throughout the trading day.

The Dow Jones climbed 236.60 points or 0.68% to close at 35,135.94, while the NASDAQ jumped 291.18 points or 1.88% to close at 15,782.83 and the S&P 500 gained 60.65 points or 1.32% to finish at 4,655.

The bargain hunt contributed to Wall Street’s strength after Friday’s sharp drop dragged major averages to their lowest closing levels in at least a month. The announcement of a new variant of the coronavirus contributed to the liquidation, with traders fearing the pandemic could continue to weigh on the global economy.

But the South African doctor who treated the first cases of the new variant said BBC countries could panic unnecessarily and the symptoms she had seen were extremely mild.

President Joe Biden also told reporters that the United States does not need to reimpose lockdowns in the wake of the new variant, helping to take actions to new heights.

In US economic news, the National Association of Realtors said pending home sales rebounded much more than expected in October.

Crude oil futures stabilized sharply higher on Monday, rebounding and regaining ground after Friday’s setback as traders waited for OPEC meetings. West Texas Intermediate crude oil futures for January ended up $ 1.80 or 2.6% at $ 69.95 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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