Soft Start seen for Singapore stock market

(RTTNews) – Singapore’s stock market ended lower in six consecutive sessions, losing more than 130 points or 2.8% along the way. The Straits Times index is now just above the 3,225-point plateau and is expected to reopen under pressure on Thursday.

The global outlook for Asian markets ranges from mixed to bearish, with tech stocks set to take heavy damage due to interest rate concerns. European markets were up and US stock markets were down and Asian markets figured to share the difference.

The STI ended slightly lower on Wednesday on the mixed performance of financials, real estate and industrial stocks.

For the day, the index slipped 8.12 points or 0.25% to end at 3,226.07 after trading between 3,210.67 and 3,232.06. The volume was 1.48 billion shares worth S$1.56 billion. There were 254 winners and 193 decliners.

Among assets, Ascendas REIT and SembCorp Industries both fell 0.36%, while CapitaLand Integrated Commercial Trust gained 0.45%, CapitaLand Investment climbed 1.84%, City Developments fell 0.38 %, Comfort DelGro fell 0.69%, Dairy Farm International jumped 2.67%, DBS Group. fell 1.63%, Genting Singapore fell 0.64%, Hongkong Land rose 0.43%, Keppel Corp rebounded 0.76%, Mapletree Commercial Trust fell 2.19%, Mapletree Logistics Trust lost 0.60%, Oversea-Chinese Banking Corporation collected 0.68%, SATS fell 0.68%, Singapore Exchange lost 0.42%, Singapore Technologies Engineering fell 0.75%, SingTel jumped 1.07%, Thai Beverage rose 0.74%, United Overseas Bank fell 1.01%, Wilmar International added 0.48%, Yangzijiang Financial fell 4.30%, Yangzijiang Shipbuilding climbed 1.68% and Mapletree Industrial Trust a nd Fraser Logistics were unchanged.

Wall Street’s lead is broadly negative as major averages lost strength early Wednesday and accelerated into the red as the day progressed, ending well below water.

The Dow Jones fell 326.63 points or 1.02% to end at 31,834.11, while the NASDAQ fell 373.44 points or 3.18% to end at 11,364.24 and the S&P 500 fell 65.87 points or 1.65% to close at 3,935.18.

The weakness that emerged on Wall Street came as traders digested a much-anticipated Labor Department report showing the annual rate of inflation slowed less than expected in April.

The data added to concerns that the Federal Reserve will raise interest rates more aggressively in an effort to bring inflation down at a faster pace, which analysts say could lead to a period of stagflation or to an outright recession.

Crude oil prices rose on Wednesday, rebounding strongly from recent losses on data showing a significant drop in Russian gas flows to Europe. West Texas Intermediate crude oil futures for June ended up $5.95 or 6% at $105.71 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.

Comments are closed.