Singapore Shares Tipped To Snap Losing Streak

(RTTNews) - The Singapore stock market has moved lower in two straight sessions, sinking more than 30 points or 1 percent along the way. The Straits Times Index now sits just above the 3,100-point plateau although it's likely to stop the bleeding on Wednesday.

The global forecast for the Asian markets is upbeat on better than expected U.S. inflation data, which fueled optimism over interest rates. The European and U.S. markets were firmly higher and the Asian bourses figure to follow suit.

The STI finished slightly lower on Tuesday as losses from the financials and industrials were mitigated by a mixed picture from the properties.

For the day, the index eased 2.02 points or 0.07 percent to finish at 3,104.66 after trading between 3,090.49 and 3,117.39.

Among the actives, CapitaLand Integrated Commercial Trust soared 2.79 percent, while CapitaLand Investment rallied 1.36 percent, City Developments declined 0.66 percent, Comfort DelGro stumbled 0.76 percent, DBS Group dropped 0.28 percent, Genting Singapore skyrocketed 10.59 percent, Hongkong Land jumped 1.24 percent, Keppel Corp slumped 0.64 percent, Mapletree Industrial Trust spiked 1.38 percent, Mapletree Logistics Trust slid 0.65 percent, Oversea-Chinese Banking Corporation fell 0.15 percent, SATS surged 3.91 percent, Seatrium Limited climbed 0.93 percent, SembCorp Industries skidded 0.59 percent, Singapore Technologies Engineering added 0.27 percent, SingTel sank 0.42 percent, Yangzijiang Shipbuilding retreated 0.67 percent and Thai Beverage, Wilmar International, Yangzijiang Financial, Ascendas REIT, Mapletree Pan Asia Commercial Trust, Emperador and Frasers Logistics were unchanged.

The lead from Wall Street is broadly positive as the major averages opened sharply higher on Tuesday and stayed that way throughout the session.

The Dow surged 489.83 points or 1.43 percent to finish at 34,827.70, while the NASDAQ rallied 326.64 points or 2.37 percent to end at 14,094.38 and the S&P 500 jumped 84.15 points or 1.91 percent to close at 4,495.70.

The rally on Wall Street came following the release of the Labor Department's highly anticipated report on consumer price inflation in October, which came in lower than expected.

The report may provide the Federal Reserve with confidence that inflation is on a downward trajectory, so further rate hikes may not be necessary.

Treasury yields moved sharply lower following the release of the report, adding to the buying interest on Wall Street.

Crude oil futures failed to hold gains and settled flat on Tuesday as traders reacted to a report from the International Energy Agency that oil markets won't be as tight as expected this quarter. West Texas Intermediate Crude oil futures for December settled at $78.26 a barrel, unchanged from the previous close.