Singapore Shares: Resistance Expected At 4,300 Points

(RTTNews) - The Singapore stock market has moved higher in five straight sessions, collecting more than 50 points or 1.2 percent in that span. The Straits Times Index now sits just shy of the 4,300-point plateau, although it may run out of steam on Wednesday.

The global forecast for the Asian markets is negative on renewed ambiguity surrounding U.S. tariff policies. The European and U.S. markets were down and the Asian bourses are expected to follow that lead.

The STI finished modestly higher on Tuesday as gains from the financials and retailers were offset by weakness from the industrials and properties.

For the day, the index added 22.44 points or 0.52 percent to finish at 4,298.51 after trading between 4,273.26 and 4,301.17.

Among the actives, CapitaLand Ascendas REIT was down 0.36 percent, while CapitaLand Integrated Commercial Trust slid 0.44 percent, CapitaLand Investment slumped 1.08 percent, City Developments skidded 1.03 percent, Comfort DelGro advanced 0.68 percent, DBS Group and United Overseas Bank both jumped 1.02 percent, DFI Retail Group climbed 0.95 percent, Genting Singapore surged 2.78 percent, Hongkong Land sank 0.94 percent, Keppel DC REIT shed 0.84 percent, Keppel Ltd fell 0.46 percent, Oversea-Chinese Banking Corporation collected 0.60 percent, Seatrium Limited and Frasers Centrepoint Trust both dipped 0.42 percent, SembCorp Industries added 0.49 percent, Singapore Technologies Engineering spiked 1.71 percent, SingTel rallied 1.39 percent, Thai Beverage soared 2.15 percent, UOL Group retreated 1.22 percent, Wilmar International lost 0.68 percent, Yangzijiang Financial tumbled 1.83 percent, Yangzijiang Shipbuilding dropped 0.97 percent and Mapletree Pan Asia Commercial Trust, Mapletree Industrial Trust, Mapletree Logistics Trust, SATS and Frasers Logistics & Commercial Trust were unchanged.

The lead from Wall Street is weak as the major averages opened lower and remained in the red throughout the day, although off session lows.

The Dow dropped 249.07 points or 0.55 percent to finish at 45,295.81, while the NASDAQ sank 175.92 points or 0.82 percent to end at 21,279.63 and the S&P 500 lost 44.72 points or 0.69 percent to close at 6,415.54.

The early sell-off on Wall Street came amid renewed trade uncertainty after the U.S. Court of Appeals for the Federal Circuit ruled most of President Donald Trump's global tariffs are illegal.

Treasury yields surged in reaction to the ruling amid concerns the government may have to repay the billions of dollars already brought in through Trump's tariffs.

In U.S. economic news, the Institute for Supply Management released a report showing a slight increase by its reading on U.S. manufacturing activity in August, although the index still posted its sixth consecutive month of contraction.

Crude oil jumped on Tuesday on concerns about supply disruptions increased following strikes on Russian energy sites by Ukraine. West Texas Intermediate crude for October delivery was up $1.51 or 2.36 percent at $65.52 per barrel.