Rally May Stall For Singapore Stock Market

(RTTNews) - The Singapore stock market has moved higher in 12 straight sessions, improving more than 185 points or 4.7 percent along the way. The Straits Times Index now rests just beneath the 4,210-point plateau although it's likely to see profit taking on Wednesday.

The global forecast for the Asian markets offers little clarity as the markets figure to stagnate amidst a lack of catalysts. The European and U.S. markets were mixed and the Asian bourses are likely to follow that lead.

The STI finished slightly higher on Tuesday following gains from the trusts, weakness from the banks and a mixed picture from the properties and industrials.

For the day, the index rose 1.13 points or 0.03 percent to finish at 4,208.26 after trading between 4,191.87 and 4,219.18.

Among the actives, CapitaLand Investment improved 0.72 percent, while City Developments rose 0.17 percent, Comfort DelGro jumped 1.38 percent, DBS Group eased 0.02 percent, DFI Retail Group advanced 0.96 percent, Keppel Ltd dipped 0.24 percent, Mapletree Industrial Trust increased 0.49 percent, Mapletree Logistics Trust expanded 0.84 percent, Oversea-Chinese Banking Corporation sank 0.46 percent, SATS strengthened 1.21 percent, Seatrium Limited dropped 0.42 percent, SembCorp Industries added 0.38 percent, Singapore Technologies Engineering gained 0.24 percent, United Overseas Bank fell 0.27 percent, UOL Group climbed 1.02 percent, Wilmar International slumped 0.66 percent, Yangzijiang Financial rallied 2.72 percent and Yangzijiang Shipbuilding, CapitaLand Ascendas REIT, CapitaLand Integrated Commercial Trust, SingTel, Thai Beverage, Hongkong Land, Keppel DC REIT, Mapletree Pan Asia Commercial Trust, Genting Singapore and Frasers Logistics & Commercial Trust were unchanged.

The lead from Wall Street is murky as the major averages opened on opposite sides of the unchanged line and finished the same way.

The Dow climbed 179.37 points or 0.40 percent to finish at 44,502.44, while the NASDAQ shed 81.49 points or 0.39 percent to close at 20,892.69 and the S&P 500 perked 4.02 points or 0.06 percent to end at a fresh record high of 6,309.62.

Profit taking contributed to the initial weakness on Wall Street after the NASDAQ and the S&P ended the previous session at record closing highs, while a negative reaction to earnings news also weighing on the markets.

Shares of General Motors (GM) plunged after the automaker reported Q2 earnings that exceeded estimates but were down sharply on year. Leading global security, defense and aerospace contractor Lockheed Martin (LMT) also tumbled on weaker than expected second quarter revenues.

Crude oil moved lower for a third straight session on Tuesday as continuing uncertainty on tariff negotiations between the U.S. and its trading partners has increased demand concerns. West Texas Intermediate crude closed down by $0.99 to settle at $66.21 per barrel.

Closer to home, Singapore will release June figures for consumer prices later today; in May, overall inflation was up 0.6 percent on month and 0.8 percent on year, while core CPI rose an annual 0.6 percent.