Singapore Stock Market May Extend Losing Streak
(RTTNews) - The Singapore stock market has finished lower in five straight sessions, slumping more than 130 points or 2.2 percent along the way. The Straits Times Index now sits just above the 5,580-point plateau and it may take further damage on Thursday.
The global forecast for the Asian markets is soft, thanks to profit taking and weakness among the technology stocks. The European and U.S. markets were mixed to lower and the Asian bourses are likely to follow a similar path.
The STI finished modestly lower on Wednesday as losses from the financials, properties and industrials were mitigated by support from the trusts.
For the day, the index sank 30.88 points or 0.55 percent to finish at 5,581.37 after trading between 5,568.48 and 5,614.84.
The lead from Wall Street is uninspired as the major averages opened higher on Wednesday but quickly headed south and finished mostly in the red on profit taking.
The Dow gained 263.24 points or 0.49 percent to finish at 54,349.12, while the NASDAQ tumbled 221.55 points or 0.83 percent to end at 26,363.44 and the S&P 500 sank 12.97 points or 0.17 percent to close at 7,723.55.
The downturn by the markets reflected concerns about AI spending after SpaceX (SPCX) reported its first quarterly results as a public company, revealing an unwelcome spike in capital spending.
In U.S. economic news, payroll processor ADP said private sector employment increased by less than expected in the month of July.
Crude oil prices were down for a third straight day on Wednesday on continued optimism for the reopening of Strait of Hormuz. West Texas Intermediate crude for September delivery was down $0.49 or 0.65 percent at $75.28 per barrel.
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