Losing Streak May Continue For Singapore Stock Market

(RTTNews) - The Singapore stock market has moved lower in back-to-back sessions, falling more than 25 points or 1.2 percent along the way. The Straits Times Index now sits just above the 3,190-point plateau and the losses may accelerate on Wednesday.

The global forecast for the Asian markets suggests consolidation on rising concerns over the outlook for interest rates. The European and U.S. markets were down and the Asian markets figure to open in similar fashion.

The STI finished modestly lower on Tuesday following losses from the financial shares, property stocks and industrial issues.

For the day, the index sank 16.51 points or 0.51 percent to finish at 3,192.35 after trading between 3,176.54 and 3,197.12.

Among the actives, Ascendas REIT collected 0.37 percent, while CapitaLand Integrated Commercial Trust gained 0.55 percent, CapitaLand Investment dropped 0.96 percent, City Developments shed 0.76 percent, Comfort DelGro sank 0.78 percent, DBS Group eased 0.18 percent, Genting Singapore tumbled 2.34 percent, Hongkong Land plunged 3.63 percent, Keppel Corp slumped 1.18 percent, Mapletree Industrial Trust advanced 0.90 percent, Mapletree Logistics Trust added 0.61 percent, SATS skidded 1.15 percent, Seatrium Limited stumbled 2.26 percent, SembCorp Industries plummeted 4.64 percent, Singapore Technologies Engineering rose 0.52 percent, SingTel fell 0.41 percent, Thai Beverage retreated 1.74 percent, Wilmar International declined 1.61 percent, Yangzijiang Shipbuilding tanked 2.41 percent and Yangzijiang Financial, Mapletree Pan Asia Commercial Trust, Oversea-Chinese Banking Corporation and Emperador were unchanged.

The lead from Wall Street is broadly negative as the major averages opened lower on Tuesday and continued to sink as the day progressed, ending near session lows.

The Dow plunged 430.97 points or 1.29 percent to finish at 33,002.38, while the NASDAQ tumbled 248.31 points or 1.87 percent to close at 13,059.47 and the S&P 500 sank 58.94 points or 1.37 percent to end at 4,229.45.

The sell-off on Wall Street followed a report from the Labor Department unexpectedly showing a notable increase in U.S. job openings in August.

The data added to interest rate concerns amid worries strength in the labor market could convince the Federal Reserve to raise rates higher than had been anticipated and keep rates an elevated level for longer than expected.

The interest rate worries contributed to a continued surge by treasury yields, with the yield on the benchmark 10-year note jumping to its highest level in 16 years.

Oil futures settled higher on Tuesday on optimism that OPEC+ won't change its production policy at the committee's meeting later today. West Texas Intermediate Crude oil futures for November added $0.41 or 0.5 percent at $89.23 a barrel.