Continued Consolidation Called For Singapore Stock Market
(RTTNews) - The Singapore stock market on Tuesday ended the two-day winning streak in which it had gathered more than 70 points or 1.2 percent. The Straits Times Index now sits just above the 5,710-point plateau and it's expected to open under pressure again on Wednesday.
The global forecast for the Asian markets is weak on rising hostilities in the Middle East and the resulting spike in crude oil prices. The European and U.S. markets were down and the Asian bourses are expected to follow suit.
The STI finished modestly lower on Tuesday following losses from the financial shares, property stocks and industrial issues.
For the day, the index shed 44.99 points or 0.78 percent to finish at 5,710.37 after trading between 5,694.39 and 5,770.33.
The lead from Wall Street is negative as the major averages opened lower on Tuesday and remained firmly under water throughout the trading day.
The Dow dropped 419.02 points or 0.79 percent to finish at 52,766.88, while the NASDAQ sank 271.12 points or 1.03 percent to end at 26,099.77 and the S&P 500 lost 54.67 points or 0.71 percent to close at 7,631.47.
The continued weakness on Wall Street came after U.S. Central Command announced a fresh wave of attacks against Iran, striking Islamic Revolutionary Guard Corps targets.
Crude oil prices have surged in reaction to the latest attack, renewing concerns about inflation and the outlook for interest rates.
Crude oil prices surged on Tuesday after the U.S. launched another fresh wave of attacks on Iran following the recent exchange of strikes over the weekend. West Texas Intermediate crude for October delivery was up $4.27 or 4.98 percent at $90.03 per barrel.
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