Singapore Shares May Take Further Damage On Wednesday

(RTTNews) - The Singapore stock market has finished lower in three straight sessions, shedding more than 70 points or 1.5 percent along the way. The Straits Times Index now sits just above the 4,500-point plateau and it's expected to open under pressure again on Wednesday.

The global forecast for the Asian markets is weak on persistent concerns about an AI bubble. The European and U.S. markets were sharply lower and the Asian bourses also figure to open to the downside.

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

For the day, the index lost 38.92 points or 0.86 percent to finish at 4,504.67 after trading between 4,502.57 and 4,546.74.

Among the actives, CapitaLand Ascendas REIT weakened 0.36 percent, while CapitaLand Integrated Commercial Trust dipped 0.43 percent, CapitaLand Investment retreated 1.49 percent, City Developments tumbled 1.50 percent, Comfort DelGro contracted 1.36 percent, DBS Group slipped 0.59 percent, DFI Retail Group and Jardine Matheson both plunged 3.34 percent, Genting Singapore tanked 1.91 percent, Hongkong Land crashed 2.18 percent, Keppel DC REIT was down 0.42 percent, Keppel Ltd skidded 0.99 percent, Mapletree Pan Asia Commercial Trust and UOL Group both fell 0.69 percent, Mapletree Industrial Trust slid 0.49 percent, Mapletree Logistics Trust shed 0.78 percent, Oversea-Chinese Banking Corporation lost 0.76 percent, SATS declined 1.44 percent, Seatrium Limited surrendered 1.86 percent, SembCorp Industries stumbled 1.70 percent, Singapore Technologies Engineering dropped 0.92 percent, SingTel gave up 0.20 percent, Thai Beverage slumped 1.05 percent, United Overseas Bank eased 0.15 percent, Wilmar International sank 0.90 percent, Yangzijiang Financial cratered 6.80 percent and Yangzijiang Shipbuilding plummeted 4.68 percent.

The lead from Wall Street is negative as the major averages opened in the red and remained under water throughout the trading day.

The Dow plunged 498.50 points or 1.07 percent to finish at 46,091.74, while the NASDAQ stumbled 275.23 points or 1.21 percent to close at 22,432.85 and the S&P 500 sank 55.09 points or 0.83 percent to end at 6,617.32.

Weakness among technology stocks continued to weigh on Wall Street amid an extended decline by market leader and AI darling Nvidia (NVDA) as traders look ahead to the release of the chipmaker's quarterly results later today.

The strength of Nvidia's results and its guidance could have a significant impact on the markets amid recent concerns about an AI bubble.

On the U.S. economic front, the Commerce Department released a report showing a significant rebound by new orders for U.S. manufactured goods in the month of August.

Crude oil prices soared on Tuesday as the end of the U.S. government shutdown has accelerated expectations of brisk demand. West Texas Intermediate crude for December delivery was up $0.90 or 1.49 percent at $60.80 per barrel.