Singapore Stock Market Poised To Snap Losing Streak

(RTTNews) - The Singapore stock market has finished lower in back-to-back sessions, sinking more than 20 points or 0.6 percent along the way. The Straits Times Index now rests just above the 3,255-point plateau although it may stop the bleeding on Tuesday.

The global forecast for the Asian markets is cautiously optimistic, shaking off concerns over the health of the Chinese economy. The European and U.S. markets managed some mild upside and the Asian bourses figure to open in similar fashion.

The STI finished modestly lower on Monday following losses from the industrials and mixed performances from the financial shares and property stocks.

For the day, the index lost 12.45 points or 0.38 percent to finish at 3,256.82 after trading between 3,256.12 and 3,267.44. Volume was 1.6 billion shares worth 1.1 billion Singapore dollars. There were 238 decliners and 229 gainers. Among the actives, Ascendas REIT increased 0.34 percent, while CapitaLand Integrated Commercial Trust sank 0.47 percent, CapitaLand Investment retreated 1.03 percent, City Developments jumped 1.32 percent, Comfort DelGro increased 0.68 percent, DBS Group dropped 0.58 percent, Genting Singapore plunged 2.42 percent, Hongkong Land was up 0.20 percent, Keppel Corp fell 0.43 percent, Mapletree Pan Asia Commercial Trust improved 1.04 percent, Mapletree Logistics Trust advanced 1.12 percent, Oversea-Chinese Banking Corporation collected 0.25 percent, SATS rose 0.49 percent, SembCorp Industries slumped 0.93 percent, Singapore Exchange added 0.92 percent, Singapore Technologies Engineering declined 1.48 percent, SingTel climbed 1.15 percent, Thai Beverage gained 0.76 percent, United Overseas Bank lost 0.44 percent, Yangzijiang Financial plummeted 7.69 percent, Yangzijiang Shipbuilding tumbled 1.56 percent and Mapletree Industrial Trust and Wilmar International were unchanged.

The lead from Wall Street is positive as the major averages shook off early weakness on Monday, broke into the green midway into the session and finished near daily highs.

The Dow jumped 151.39 points or 0.45 percent to finish at 33,912.44, while the NASDAQ advanced 80.87 points or 0.62 percent to close at 13,128.05 and the S&P 500 rose 16.99 points or 0.40 percent to end at 4,297.14.

The lower open on Wall Street came on lingering concerns about the global economy following the release of weak Chinese data and a surprise interest rate cut by China's central bank.

In U.S. economic news, the New York Federal Reserve reported an unexpected contraction in regional manufacturing activity in August. Also, the National Association of Home Builders noted continued deterioration in U.S. homebuilder confidence in August.

Crude oil prices tumbled Monday on worries about energy demand after data showed slower than expected growth of the Chinese economy in July. The lowering of the oil demand forecast for 2022 by OPEC also weighed on prices. West Texas Intermediate Crude oil futures for September dropped $2.68 or 2.9 percent at $89.41 a barrel.