Soft Start Seen For Singapore Stock Market

(RTTNews) - The Singapore stock market moved lower again on Wednesday, one day after snapping the three-day losing streak in which it had tanked almost 180 points or 3.5 percent. The Straits Times Index now sits just beneath the 4,960-point plateau and it may see continued consolidation on Thursday.

The global forecast for the Asian markets is weak on further escalating tensions in the Middle East. The European and U.S. markets were down and the Asian bourses are expected to follow that lead.

The STI finished sharply lower on Wednesday following losses from the financial shares and industrial stocks.

For the day, the index slumped 64.40 points or 1.28 percent to finish at 4,958.85 after trading between 4,939.53 and 5,015.17.

Among the actives, CapitaLand Ascendas REIT spiked 2.04 percent, while CapitaLand Integrated Commercial Trust soared 2.19 percent, CapitaLand Investment rallied 1.19 percent, City Developments rose 0.36 percent, DBS Group plunged 3.03 percent, DFI Retail Group and Mapletree Pan Asia Commercial Trust both increased 0.79 percent, Genting Singapore improved 0.83 percent, Hongkong Land and Singapore Airlines both perked 0.14 percent, Keppel DC REIT climbed 0.88 percent, Keppel Ltd gained 0.38 percent, Mapletree Industrial Trust added 0.52 percent, Mapletree Logistics Trust advanced 0.84 percent, Oversea-Chinese Banking Corporation tanked 2.39 percent, SATS jumped 1.28 percent, Seatrium Limited tumbled 1.99 percent, SembCorp Industries dipped 0.16 percent, Singapore Exchange eased 0.05 percent, Singapore Technologies Engineering fell 0.28 percent, SingTel skidded 1.16 percent, Thai Beverage plummeted 3.41 percent, United Overseas Bank retreated 1.30 percent, UOL Group expanded 0.92 percent, Wilmar International surged 3.24 percent, Yangzijiang Shipbuilding slumped 1.17 percent and Frasers Logistics & Commercial Trust was unchanged.

The lead from Wall Street is broadly negative as the major averages opened lower and continued trend deeper into the red as the day progressed, ending at session lows.

The Dow tumbled 953.33 points or 1.87 percent to finish at 49,918.78, while the NASDAQ tanked 509.32 points or 1.98 percent to end at 25,169.50 and the S&P 500 slumped 119.66 points or 1.62 percent.

The weakness that emerged on Wall Street came as President Donald Trump ramped up his threats against Iran following a recent exchange of attacks.

Trump's latest threats came after U.S. Central Command said forces completed "self-defense strikes" against Iran on Tuesday at the president's direction in response to the downing of a U.S. helicopter.

In economic news, the Labor Department reported that consumer prices in the U.S. increased in line with estimates in May. Core consumer price growth also matches expectations.

Crude oil prices surged Wednesday on concerns about the gulf conflict intensifying further after the U.S. and Iran resumed attacks, keeping the Strait of Hormuz closed. West Texas Intermediate crude for July delivery was up $2.26 or 2.56 percent at $90.46 per barrel.