Singapore Stock Market Expected To Remain Rangebound

(RTTNews) - The Singapore stock market has finished lower in two of three days since the end of the two-day winning streak in which it had collected more than 30 points or 1 percent. The Straits Times Index now rests just above the 3,150-point plateau although it figures to bounce higher again on Friday.

The global forecast for the Asian markets is mixed to higher, with gains from the technology and property stocks likely capped by weakness from the energy companies. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.

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

For the day, the index slumped 17.99 points or 0.57 percent to finish at 3,152.30 after trading between 3,144.77 and 3,166.28. Volume was 800.8 million shares worth 816.7 million Singapore dollars. There were 235 decliners and 223 gainers.

Among the actives, Ascendas REIT lost 0.35 percent, while CapitaLand Investment fell 0.26 percent, City Developments gained 0.39 percent, DBS Group and Mapletree Logistics Trust both dropped 0.58 percent, Genting Singapore added 0.65 percent, Hongkong Land and DFI Retail both surrendered 1.01 percent, Keppel Corp tumbled 1.06 percent, Mapletree Commercial Trust shed 0.55 percent, Oversea-Chinese Banking Corporation tanked 1.47 percent, SATS slumped 0.74 percent, SembCorp Industries plunged 2.30 percent, Singapore Exchange sank 0.71 percent, Singapore Technologies Engineering cratered 1.22 percent, Thai Beverage retreated 0.79 percent, United Overseas Bank and Wilmar International both declined 0.99 percent, Yangzijiang Financial plummeted 2.30 percent, Yangzijiang Shipbuilding crashed 1.10 percent and CapitaLand Integrated Commercial Trust, Mapletree Industrial Trust, SingTel, Comfort DelGro and Keppel DC REIT were unchanged.

The lead from Wall Street is upbeat as the major averages shook off early weakness on Thursday, moving solidly into the green as the day progressed.

The Dow jumped 162.06 points or 0.51 percent to finish at 32,036.90, while the NASDAQ spiked 161.96 points or 1.36 percent to end at 12,059.61 and the S&P 500 gained 39.05 points or 0.99 percent to close at 3,998.95.

The volatility on Wall Street came as traders expressed uncertainty about the outlook for the markets following the recent upward move. The NASDAQ benefitted from a significant advance by shares of Tesla (TSLA), which reported second quarter earnings that beat expectations.

The latest U.S. economic data may have also helped ease concerns about the outlook for interest rates, with the Labor Department noting that initial jobless claims unexpectedly rose to an eight-month high last week.

A separate report released by the Federal Reserve Bank of Philadelphia showed regional manufacturing activity unexpectedly contracted at a faster rate in July. The Conference Board also released a report showing its index of leading economic indicators decreased for the fourth straight month in June.

Crude oil prices tumbled on Thursday, extending losses from the previous session amid concerns about the outlook for energy demand in the near term due to slowing economic growth and rising interest rates. West Texas Intermediate Crude oil futures for September ended lower by $3.53 or 3.5 percent at $96.35 a barrel.