Win Streak Expected To End For Singapore Shares

(RTTNews) - The Singapore stock market has moved higher in three straight sessions, gathering almost 40 points or 1 percent in that span. The Straits Time Index now sits just above the 3,960-point plateau although it's likely to spin its wheels on Thursday.

The global forecast for the Asian markets is soft on tariff concerns, particularly among the technology companies. The European and U.S. markets were down and the Asian bourses are expected to follow that lead.

The STI finished slightly higher on Wednesday following gains from the financial shares, trusts and property stocks, while the industrials were mixed.

For the day, the index rose 9.18 points or 0.23 percent to finish at 3,963.71 after trading between 3,953.49 and 3,976.50.

Among the actives, CapitaLand Ascendas REIT lost 0.37 percent, while CapitaLand Investment accelerated 1.10 percent, City Developments perked 0.20 percent, DBS Group added 0.74 percent, Genting Singapore strengthened 1.33 percent, Hongkong Land jumped 1.38 percent, Keppel DC REIT advanced 0.92 percent, Keppel Ltd eased 0.15 percent, Mapletree Pan Asia Commercial Trust increased 0.79 percent, Mapletree Industrial Trust gained 0.48 percent, Oversea-Chinese Banking Corporation rose 0.35 percent, SATS and Thai Beverage both climbed 0.98 percent, Seatrium Limited sank 0.46 percent, SembCorp Industries rallied 1.11 percent, Singapore Technologies Engineering spiked 1.68 percent, SingTel dropped 0.88 percent, Venture Corporation fell 0.16 percent, Wilmar International improved 0.91 percent, Yangzijiang Financial collected 0.65 percent, Yangzijiang Shipbuilding shed 0.41 percent and CapitaLand Integrated Commercial Trust, Comfort DelGro and Mapletree Logistics Trust were unchanged.

The lead from Wall Street is negative as the major averages opened mixed on Wednesday but all trended lower as the day progressed, ending solidly under water.

The Dow dropped 132.71 points or 0.31 percent to finish at 42,454.79, while the NASDAQ tumbled 372.84 points or 2.04 percent to close at 17,899.02 and the S&P 500 sank 64,45 points or 1.12 percent to end at 5,712.20.

The sharp pullback by the NASDAQ came as big-name tech stocks came under pressure, reflecting ongoing uncertainty about President Donald Trump's tariff plans.

Stocks saw further downside after the White House said Trump plans to announce new tariffs on auto imports later this afternoon.

In U.S. economic news, the Commerce Department noted an unexpected increase by new orders for U.S. manufactured durable goods in the month of February.

Oil prices moved higher Wednesday on supply concerns after data showed a sharp drop in U.S. crude oil inventories last week, while renewed efforts from the U.S. to limit Venezuelan and Iranian oil exports also boosted prices. West Texas Intermediate Crude oil futures for May closed up $0.65 or about 0.94 percent at $69.65 a barrel.