Singapore Shares Due For Consolidation

(RTTNews) - The Singapore stock market has climbed higher in five straight sessions, rallying almost 250 points or 6.5 percent along the way. The Straits Times Index now sits just shy of the 3,760-point plateau although investors figure to cash in on Tuesday.

The global forecast for the Asian markets is broadly negative on continuing concerns over the possibility of a trade war. The European and U.S. markets were down and the Asian bourses figure to open in similar fashion.

The STI finished sharply higher on Monday following gains from the financial shares, property stocks and industrial issues.

For the day, the index climbed 38.89 points or 1.05 percent to finish at 3,759.22 after trading between 3,729.60 and 3,774.39.

Among the actives, CapitaLand Ascendas REIT lost 0.38 percent, while CapitaLand Integrated Commercial Trust dropped 0.94 percent, CapitaLand Investment added 0.39 percent, City Developments accelerated 1.07 percent, Comfort DelGro shed 0.68 percent, DBS Group and Yangzijiang Financial both collected 1.45 percent, Hongkong Land soared 1.94 percent, Keppel DC REIT jumped 0.99 percent, Keppel Ltd rose 0.32 percent, Mapletree Logistics Trust sank 0.85 percent, Oversea-Chinese Banking Corporation spiked 1.69 percent, SATS gained 0.37 percent, Seatrium Limited surged 2.17 percent, SembCorp Industries eased 0.16 percent, Singapore Technologies Engineering slumped 0.98 percent, Venture Corporation fell 0.27 percent, Wilmar International rallied 1.29 percent, Yangzijiang Shipbuilding skyrocketed 9.22 percent and Mapletree Pan Asia Commercial Trust, Mapletree Industrial Trust, Genting Singapore, SingTel, Thai Beverage and Frasers Centrepoint Trust were unchanged.

The lead from Wall Street is brutal as the major averages opened sharply lower on Monday and remained deep in the red throughout the session.

The Dow plummeted 971.82 points or 2.48 percent to finish at 38,170.41, while the NASDAQ tumbled 415.55 points or 2.55 percent to close at 16,870.37 and the S&P 500 dropped 124.50 points or 2.36 percent to end at 5,158.20.

The sell-off on Wall Street came amid lingering concerns about a global trade war as traders await signs of progress from President Donald Trump's trade talks.

Potentially adding to the worries, China has threatened to retaliate against any countries that reach a trade deal with the U.S. at the expense of China's interests.

Trump's continued attacks on Federal Reserve Chair Jerome Powell added to the negative sentiment; he called on the Fed to lower rates last week, declaring, "Powell's termination cannot come fast enough!"

Crude oil prices pulled back sharply Monday on reports of progress in negotiations between the U.S. and Iran, while trade war concerns also weighed. West Texas Intermediate crude for May delivery plunged $1.60 or 2.5 percent to $63.08 a barrel.