Singapore stock market set to open under pressure on Tuesday
(RTTNews) – The Singapore stock market has fallen in four consecutive sessions, losing more than 80 points or 2.5% along the way. The Straits Times Index is now just above the 3,275 plateau and is expected to open in the red again on Tuesday.
The global forecast for Asian markets is weak due to concerns about economic growth and the outlook for interest rates. European and American markets were down sharply and Asian exchanges are expected to open similarly.
The STI ended slightly lower on Monday following losses in financial and industrial stocks, while properties were mixed.
For the day, the index fell 16.82 points or 0.51% to end at 3,275.07 after trading between 3,270.73 and 3,294.88.
Among assets, Ascendas REIT fell 0.71%, while CapitaLand Integrated Commercial Trust climbed 0.89%, CapitaLand Investment fell 1.01%, City Developments gained 0.37%, Comfort DelGro lost 0.61%, DBS Group slid 0.51%, Genting Singapore lost 0.63%, Jardine Cycle fell 3.00%, Keppel Corp fell 1.47%, Mapletree Commercial Trust fell 0.53%, Mapletree Industrial Trust slipped 0.79%, Mapletree Logistics Trust fell 1.02%, Oversea-Chinese Banking Corporation fell 0.50%, SATS added 0.45%, SembCorp Industries plunged 2.37%. percent, Singapore Exchange fell 0.94 percent, Singapore Technologies Engineering climbed 2.24 percent, SingTel rose 0.36 percent, Thai Beverage fell 0.73 percent, United Overseas Bank fell 1.05 percent, Wilmar International fell 1.15 percent, and Yangzijiang Financial, Yangzijiang Shipbuilding, Dairy Farm International, and Hong Kong Land was unchanged.
Wall Street’s lead is broadly negative as major averages opened sharply lower on Monday and losses only accelerated as the day progressed.
The Dow Jones plunged 653.67 points or 1.99% to end at 32,245.70, while the NASDAQ fell 521.41 points or 4.29% to close at 11,623.25 and the S&P 500 fell 132.10 points or 3.20% to end at 3,991.24.
Traders seem worried that aggressive moves by global central banks to contain inflation could lead to a period of stagflation or an outright recession. Rising Treasury yields also contributed to the selloff.
The extended selling on Wall Street also came as traders anticipated inflation data later this week. The latest inflation outlook could impact expectations about how aggressively the Federal Reserve plans to raise interest rates.
Crude oil prices fell on Monday, weighed on worries about the outlook for energy demand amid the impact of war in Ukraine and slowing Chinese economic growth. West Texas Intermediate crude oil futures for June ended down $6.68 or 6.1% at $103.09 a barrel.
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