Losing Streak May Continue For Singapore Stock Market

(RTTNews) - The Singapore stock market has finished lower in back-to-back sessions, slumping almost 40 points or 0.7 percent along the way. The Straits Times Index now sits just above the 5,680-point plateau and it may take further damage on Friday.

The global forecast for the Asian markets is soft, still weighed by higher crude oil prices and treasury yields. The European markets were down and the U.S. bourses were mixed and little changed and the Asian markets figure to be looking at a soft start.

The STI finished modestly lower on Thursday following losses from the financial shares, technology stocks, properties and industrials.

For the day, the index sank 26.54 points or 0.46 percent to finish at 5,683.37 after trading between 5,677.91 and 5,713.62.

The lead from Wall Street offers little guidance as the major averages opened firmly lower but recovered by midday to finish mixed and little changed.

The Dow shed 161.61 points or 0.31 percent to finish at 51,349.98, while the NASDAQ perked 3.34 points or 0.01 percent to close at 26,929.37 and the S&P 500 eased 1.90 points or 0.02 percent to end at 7,704.13.

The rebound from the early slump was triggered in part by reports indicating U.S. and Iranian negotiators are discussing a phased deal to end the prolonged Middle East conflict.

Treasury yields also surged on the day, with the ten-year yield reaching its highest closing level since July 2007 amid the jump in crude oil futures and concerns about inflation and interest rates.

Crude oil prices could not hold an early spike on Thursday but still managed to finish significantly higher, thanks to a lack of clarity about peace talks in the Middle East. West Texas Intermediate crude for November delivery was up $2.58 or 2.8 percent to finish at $94.74 a barrel.