Singapore Bourse May Reclaim 3,900-Point Level

(RTTNews) - The Singapore stock market has moved lower in four straight sessions, slumping more than50 points or 1.4 percent along the way. The Straits Times Index now sits just beneath the 3,880-point plateau although it's due for support on Tuesday. The global forecast for the Asian markets in positive on an improved outlook for interest rates. The European markets were down and the U.S. bourses were up and the Asian markets figure to follow the latter lead.

The STI finished slightly lower again on Monday following losses from the industrials, gains from the properties and a mixed picture from the financial sector. For the day, the index eased 4.17 points or 0.11 percent to finish at 3,879.26 after trading between 3,845.78 and 3,883.98. Among the actives, CapitaLand Integrated Commercial Trust sank 0.46 percent, while CapitaLand Investment lost 0.39 percent, City Developments improved 0.80 percent, Comfort DelGro retreated 1.39 percent, DBS Group fell 0.05 percent, DFI Retail Group slumped 0.76 percent, Genting Singapore skidded 0.71 percent, Hongkong Land gained 0.73 percent, Keppel DC REIT shed 0.43 percent, Keppel Ltd declined 1.21 percent, Mapletree Pan Asia Commercial Trust advanced 0.82 percent, Mapletree Industrial Trust dropped 0.51 percent, Mapletree Logistics Trust stumbled 1.74 percent, Oversea-Chinese Banking Corporation collected 0.25 percent, Seatrium Limited tanked 1.46 percent, SembCorp Industries plunged 2.14 percent, Singapore Technologies Engineering increased 0.51 percent, SingTel added 0.78 percent, Thai Beverage surged 2.25 percent, UOL Group spiked 0.85 percent, Venture Corporation rose 0.63 percent, Wilmar International gathered 0.34 percent, Yangzijiang Shipbuilding plummeted 2.22 percent and CapitaLand Ascendas REIT, Frasers Logistics & Commercial Trust, Yangzijiang Financial and SATS were unchanged.

The lead from Wall Street is upbeat as the major averages shook off early weakness, using a late-day surge to finish solidly in the green.

For the day, the Dow jumped 374.96 points or 0.89 percent to finish at 42,581.78, while the NASDAQ rallied 183.56 points or 0.94 percent to close at 19,630.97 and the S&P 500 climbed 57.33 points or 0.96 percent to end at 6,025.17.

The late rally came as Federal Reserve Vice Chair Michelle Bowman indicated support for a rate cut as early as July, citing concerns about the job market and potential easing of inflationary pressures related to tariffs. Additionally, reports of potential tariff reductions between the U.S. and China helped ease market anxieties.

The major averages had opened lower and hugged the unchanged line for much of the day as investors waited for Iran's response to the weekend U.S. air strikes on its nuclear sites.

In economic news, the National Association of Realtors said that existing home sales rose 0.8 percent on month in May and saw a 6.2 percent increase in unsold inventory. On a yearly basis, existing home sales fell 0.7 percent.

Crude oil prices were on a roller coaster ride on Monday, moving sharply higher earlier in the day in response to the U.S. bombing attack in Iran. But as it looks like Iran won't try to block the straight of Hormuz, prices plummeted later in the day. West Texas Intermediate crude for August delivery plunged $5.00 of 6.77 percent to $68.84 per barrel.