Mild Selling Pressure Predicted For Singapore Shares

(RTTNews) - The Singapore stock market has tracked lower in four straight sessions, stumbling more than 115 points or 3.8 percent along the way. The Straits Times Index now sits just above the 3,050-point plateau and it's looking at another soft start again on Tuesday.

The global forecast offers little clarity with few catalysts head of data later in the week, although treasury yields continue to be active. The European and U.S. markets were mixed and flat and the Asian markets figure to follow suit.

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

For the day, the index sank 23.33 points or 0.76 percent to finish at the daily low of 3,053.36 after peaking at 3,076.69.

Among the actives, Ascendas REIT rallied 0.81 percent, while CapitaLand Integrated Commercial Trust slumped 1.17 percent, CapitaLand Investment fell 0.33 percent, City Developments rose 0.32 percent, Comfort DelGro gained 0.78 percent, DBS Group eased 0.21 percent, Genting Singapore declined 1.80 percent, Hongkong Land tanked 3.85 percent, Keppel Corp and Oversea-Chinese Banking Corporation both shed 0.63 percent, Keppel DC REIT surged 3.49 percent, Mapletree Industrial Trust lost 0.47 percent, Mapletree Logistics Trust tumbled 2.03 percent, SATS retreated 1.62 percent, Seatrium Limited plunged 4.27 percent, Singapore Technologies Engineering dropped 1.06 percent, SingTel sank 0.86 percent, Thai Beverage surrendered 3.70 percent, Wilmar International skidded 1.16 percent, Yangzijiang Financial plummeted 7.35 percent, Yangzijiang Shipbuilding stumbled 1.40 percent and Emperador, SembCorp Industries and Mapletree Pan Asia Commercial Trust were unchanged.

The lead from Wall Street is murky as the major averages opened lower on Monday, broke into the green my midday before fading and ending mixed and little changed.

The Dow slumped 190.87 points or 0.58 percent to finish at 32,936.41, while the NASDAQ added 34.52 points or 0.27 percent to close at 13,018.33 and the S&P 500 slipped 7.12 points or 0.17 percent to end at 4,217.04.

Stocks initially came under pressure as treasury yields rebounded amid ongoing concerns about the outlook for interest rates. Following the pullback seen last Friday, the yield on the benchmark 10year note moved back to the upside, briefly peeking above the key 5 percent level.

The subsequent turnaround on Wall Street came as treasury yields turned lower as the day progressed, with the ten-year yield falling into negative territory.

Trading activity was subdued, however, thanks to a lack of major U.S. economic data - although the calendar picks up later in the week. The earnings season also should be a factor, with a slew of big-name companies due to report their quarterly results.

Crude oil prices fell sharply on Monday amid easing concerns about oil supply on hopes the diplomatic efforts in the Middle East will help prevent the conflict there from escalating into a bigger regional war. West Texas Intermediate Crude oil futures for November settled at $85.49, down $2.59 or about 2.94 percent.