Singapore Stock Market Due For Support On Thursday

(RTTNews) - The Singapore stock market has moved lower in three straight sessions, slipping almost 40 points or 1.1 percent along the way. The Straits Times Index now sits just above the 3,815-point plateau although it may stop the bleeding on Thursday.

The global forecast for the Asian markets is upbeat following a drop in U.S. treasury yields. The European markets were mixed and the U.S bourses were slightly higher and the Asian markets figure to split the difference.

The STI finished slightly lower on Wednesday following mixed performances from the financial shares, property stocks and industrial issues.

For the day, the index lost 7.64 points or 0.20 percent to finish at 3,815.37 after trading between 3,805.46 and 3,840.68.

Among the actives, CapitaLand Integrated Commercial Trust added 0.52 percent, while CapitaLand Investment sank 0.41 percent, Comfort DelGro advanced 0.72 percent, DBS Group shed 0.23 percent, Genting Singapore tumbled 1.99 percent, Hongkong Land gained 0.23 percent, Keppel DC REIT surged 2.80 percent, Keppel Ltd climbed 0.75 percent, Mapletree Industrial Trust declined 0.94 percent, Oversea-Chinese Banking Corporation dropped 0.52 percent, SATS retreated 1.22 percent, SembCorp Industries fell 0.19 percent, Singapore Technologies Engineering rose 0.21 percent, SingTel and Jardine Cycle both skidded 0.62 percent, Thai Beverage slumped 0.93 percent, Wilmar International soared 2.20 percent, Yangzijiang Financial rallied 1.08 percent, Yangzijiang Shipbuilding spiked 1.99 percent and Mapletree Pan Asia Commercial Trust, Mapletree Logistics Trust, Seatrium Limited, Emperador, City Developments and Frasers Centrepoint Trust were unchanged.

The lead from Wall Street is positive after the major averages opened lower on Wednesday but turned higher into the green as the day progressed, ending at session highs.

The Dow rallied 317.24 points or 0.71 percent to finish at 44,873.28, while the NASDAQ added 38.31 points or 0.19 percent to close at 19,692.33 and the S&P 500 gained 23.60 points or 0.39 percent to end at 6,061.48.

The rebound on Wall Street came amid a notable move to the downside by treasury yields, with the yield on the benchmark ten-year note slumping to its lowest closing level in well over a month.

Yields tumbled after the Treasury Department said its current auction sizes leave it well positioned to address potential changes to the fiscal outlook. Based on projected borrowing needs, the Treasury anticipates maintaining long-term securities auction sizes for at least the next several quarters.

In economic news, the Institute for Supply Management said service sector growth in the U.S. unexpectedly slowed modestly in January. Also, payroll processor ADP said private sector employment in the U.S. increased more than expected last month.

Oil prices settled sharply lower Wednesday after data showed a sharp jump in U.S. crude inventories last week. Concerns about the outlook for oil demand also weighed on prices. West Texas Intermediate Crude oil futures for March settled at $71.03 a barrel, losing $1.67 or 2.29 percent.