Singapore stock market likely renewed support

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(RTTNews) – Singapore’s stock market edged down again on Monday, a session after ending the two-day decline in which it lost more than 10 points or 0.3%. The Straits Times Index now sits just above the 3,200 point plateau, although it is expected to rebound again on Tuesday.

Global forecasts for Asian markets are mixed to higher, largely benefiting from optimism about earnings as the season progresses. European markets were mixed and US stock markets were up and Asian markets were counting to divide the difference.

The STI ended slightly lower on Monday following mixed performances from financial stocks, real estate and industrial issues.

For the day, the index lost 3.28 points or 0.10% to end at 3,201.86 after trading between 3,197.24 and 3,209.96. The volume was 1.42 billion shares worth S $ 918.5 million. There were 222 winners and 218 decline.

Among assets, Ascendas REIT grew 0.21%, while CapitaLand Integrated Commercial Trust fell 0.47%, City Developments improved 0.40%, Comfort DelGro added 0.64%, Dairy Farm International lost 0.55%, DBS Group collected 0.38%, Genting Singapore sank 0.64%. Keppel Corp lost 0.54%, Mapletree Commercial Trust rose 0.47%, Mapletree Logistics Trust gained 0.51%, Oversea-Chinese Banking Corporation fell 0.08%, Singapore Airlines and Venture Corporation all two fell 0.57%, Singapore Exchange rose 0.21%, SingTel fell 0.78%, Thai Beverage fell 0.70%, Wilmar International fell 0.23%, Yangzijiang Shipbuilding a rose 0.72% and Singapore Press Holdings, Singapore Technologies Engineering, SembCorp Industries, United Overseas Bank, SATS and CapitaLand remained unchanged.

Wall Street’s lead is positive as major averages got off to a smooth start on Monday, climbing quickly into the green and ending solidly higher.

The Dow Jones added 64.13 points or 0.18% to close at 35,741.15, while the NASDAQ climbed 136.51 points or 0.90% to close at 15,226.71 and the S&P 500 a increased 21.58 points or 0.47% to end at 4,566.48.

Wall Street’s strength reflected optimism over more bullish earnings news, with a slew of large companies expected to release quarterly results this week including Facebook (FB), General Electric (GE), UPS (UPS), Alphabet (GOOGL), Coca-Cola (KO), General Motors (GM), McDonald’s (MCD), Ford (F), Amazon (AMZN), Apple (APPL) and Exxon Mobil (XOM).

The good news on earnings contributed to a recent uptrend on Wall Street as most companies posted better-than-expected results.

Traders may also have been reluctant to take big steps before the Federal Reserve’s monetary policy meeting next week. The Fed is expected to leave interest rates unchanged, but could announce its intention to start scaling back its asset purchase program.

Oil futures stabilized on Monday as prices fell sharply from the day’s high towards the end of the session as traders weighed supply and demand. West Texas Intermediate crude for December ended unchanged at $ 83.76 per barrel after peaking at $ 85.41 per barrel, a seven-year high earlier today.

Closer to home, Singapore will provide September’s figures for industrial production later today, with forecasts suggesting a 0.5% year-on-year decline after peaking 11.2% in August.

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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