Singapore Stock Market Tipped To Open Under Water On Friday

(RTTNews) - The Singapore stock market has tracked lower in consecutive trading days, slumping almost 60 points or 1.2 percent in that span. The Straits Times Index now rests just beneath the 4,950-point plateau and it's looking at another soft start again on Friday.

The global forecast for the Asian markets is soft on surging crude oil prices that correspond with tensions in the Middle East. The European markets were mixed and the U.S. bourses were down and the Asian markets figure to open lower.

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

For the day, the index sank 58.61 points or 1.17 percent to finish at 4,944.11 after trading between 4,942.06 and 4,991.85.

Among the actives, CapitaLand Ascendas REIT lost 0.39 percent, while CapitaLand Integrated Commercial Trust shed 0.40 percent, CapitaLand Investment tumbled 1.72 percent, City Developments retreated 1.37 percent, DBS Group fell 0.35 percent, DFI Retail Group skidded 0.92 percent, Hongkong Land plummeted 4.04 percent, Keppel DC REIT and Seatrium Limited both gained 0.42 percent, Keppel Ltd cratered 3.41 percent, Oversea-Chinese Banking Corporation and Yangzijiang Shipbuilding both slumped 0.95 percent, SATS contracted 1.16 percent, SembCorp Industries sank 0.58 percent, Singapore Airlines stumbled 1.24 percent, Singapore Exchange dropped 0.60 percent, Singapore Technologies Engineering plunged 1.96 percent, SingTel tanked 1.88 percent, Thai Beverage surged 3.66 percent, United Overseas Bank dipped 0.32 percent, UOL Group declined 1.20 percent, Wilmar International added 0.51 percent and Mapletree Pan Asia Commercial Trust, Mapletree Industrial Trust, Mapletree Logistics Trust, Genting Singapore, Frasers Centrepoint Trust and Frasers Logistics & Commercial Trust were unchanged.

The lead from Wall Street is weak as the major averages opened lower on Thursday, dipped midday before ticking higher but still finished in the red.

The Dow dropped 179.71 points or 0.36 percent to finish at 49,310.32, while the NASDAQ sank 219.06 points or 0.89 percent to end at 24,438.50 and the S&P 500 lost 29.50 points or 0.41 percent to close at 7,108.40.

Profit taking contributed to the early weakness on Wall Street following Wednesday's rally, which sent the NASDAQ and S&P to record closing highs.

A steep drop by shares of IBM Corp. (IBM) also weighed on the markets, after the tech giant reported better than expected first quarter earnings but failed to raise its full-year guidance.

Concerns about a re-escalation of the U.S.-Iran war also weighed on the markets after President Donald Trump said he has ordered the Navy to "shoot and kill any boat" that is putting mines in the waters of the Strait of Hormuz.

Crude oil prices surged on Thursday as the Strait of Hormuz remains closed, keeping oil supply concerns elevated. West Texas Intermediate crude for June was up $2.49 or 2.68 percent at $95.45 per barrel.