Losing Streak May Continue For Singapore Stock Market

(RTTNews) - The Singapore stock market has tracked lower in three straight sessions, slumping more than 25 points or 0.6 percent along the way. The Straits Times Index now sits just above the 3,950-point plateau and it may take further damage again on Thursday.

The global forecast for the Asian markets is negative after U.S. President Donald Trump outlined his plan to impose sweeping tariffs on U.S. trade partners. The European markets were down and the U.S. bourses were up and the Asian markets figure to follow the former lead.

The STI finished modestly lower on Wednesday following losses from the properties and mixed performances from the financial shares and industrial issues.

For the day, the index slipped 14.64 points or 0.37 percent to finish at 3,954.21 after trading between 3,924.92 and 3,965.13.

Among the actives, CapitaLand Ascendas REIT declined 1.10 percent, while CapitaLand Integrated Commercial Trust sank 0.47 percent, CapitaLand Investment skidded 0.73 percent, City Developments lost 0.40 percent, Comfort DelGro advanced 0.68 percent, DBS Group dipped 0.15 percent, DFI Retail rallied 2.15 percent, Genting Singapore stumbled 1.35 percent, Hongkong Land shed 0.44 percent, Keppel DC REIT slumped 0.93 percent, Keppel Ltd dropped 0.58 percent, Mapletree Pan Asia Commercial Trust climbed 0.80 percent, Mapletree Industrial Trust added 0.48 percent, Oversea-Chinese Banking Corporation perked 0.06 percent, SATS fell 0.33 percent, Seatrium Limited spiked 1.49 percent, SembCorp Industries soared 2.49 percent, Singapore Technologies Engineering tumbled 2.63 percent, SingTel retreated 1.40 percent, Wilmar International rose 0.30 percent, Yangzijiang Financial surged 3.27 percent, Yangzijiang Shipbuilding jumped 1.29 percent and Mapletree Logistics Trust and Thai Beverage were unchanged.

The lead from Wall Street is positive as the major averages shook off a soft open on Wednesday and tracked generally higher throughout the session.

The Dow jumped 235.36 points or 0.56 percent to finish at 42,225.32, while the NASDAQ advanced 151.16 points or 0.87 percent to close at 17,601.05 and the S&P 500 improved 37.90 points or 0.67 percent to end at 5,670.97.

The early weakness on Wall Street came amid concerns about the impact of Trump's reciprocal tariffs on U.S. trade partners.

However, traders then saw the early slump as an opportunity to pick up stocks at reduced levels, leading to the subsequent rebound.

In U.S. economic news, payroll processor ADP said private sector employment in the U.S. increased more than expected in March. Also, the Commerce Department said factory orders increased more than anticipated in February.

Crude oil prices ticked higher again on Wednesday, despite data showing an unexpected increase by U.S. crude oil inventories last week. West Texas Intermediate crude for May delivery rose $0.51 or 0.7 percent to $71.71 a barrel.