Win Streak May End For Singapore Stock Market

(RTTNews) - The Singapore stock market has moved higher in four straight sessions, gathering more than 70 points or 1.4 percent to a fresh record closing high. The Straight Times Index now sits just above the 4,810-point plateau although the rally may stall on Thursday.

The global forecast for the largely overbought Asian markets is negative thanks to geopolitical concerns, with tech shares likely to lead the way lower. The European markets were mixed and the U.S. bourses were down and the Asian markets figure to split the difference.

The STI finished slightly higher on Wednesday as gains from the financial hares and properties were capped by weakness from the industrial companies.

For the day, the index perked 5.38 points or 0.11 percent to finish at the daily high of 4,812.51 after trading as low as 4,786.42.

Among the actives, CapitaLand Ascendas REIT lost 0.35 percent, while CapitaLand Integrated Commercial Trust shed 0.41 percent, CapitaLand Investment and Singapore Exchange both gathered 0.34 percent, City Developments added 0.56 percent, DBS Group slipped 0.26 percent, DFI Retail Group was down 0.25 percent, Genting Singapore advanced 0.68 percent, Hongkong Land surged 3.28 percent, Keppel DC REIT rose 0.44 percent, Keppel Ltd tanked 1.48 percent, Mapletree Industrial Trust gained 0.48 percent, Oversea-Chinese Banking Corporation was up 0.05 percent, SATS jumped 1.05 percent, Seatrium Limited and Frasers Centrepoint Trust both sank 0.44 percent, SembCorp Industries eased 0.17 percent, Singapore Technologies Engineering spiked 1.51 percent, SingTel perked 0.22 percent, United Overseas Bank and Venture Corporation both climbed 0.88 percent, UOL Group rallied 0.93 percent, Wilmar International fell 0.31 percent, Yangzijiang Shipbuilding tumbled 1.87 percent and Mapletree Pan Asia Commercial Trust, Mapletree Logistics Trust, Singapore Airlines and Thai Beverage were unchanged.

The lead from Wall Street is weak as the major averages opened in the red on Wednesday and remained under water throughout the session.

The Dow slumped 42.36 points or 0.09 percent to finish at 49,149.63, while the NASDAQ stumbled 238.12 points or 1.00 percent to end at 23,471.12 and the S&P 500 sank 37.14 points or 0.53 percent to close at 6,926.60.

The weakness on Wall Street may partly have reflected growing concerns about rising geopolitical tensions around the world.

President Donald Trump's threats to take control of Greenland have made headlines recently, while traders are also keeping an eye on political unrest in Iran and the ongoing Russia-Ukraine war.

In economic news, the Commerce Department said retail sales in the U.S. increased more than expected in November. Also, the Labor Department noted a modest increase by U.S. producer prices in November.

Crude oil prices posted sharp gains Wednesday as the probability of U.S. intervention to end the crisis in Iran raises supply-related concerns. West Texas Intermediate crude for February delivery was up $0.76 or 1.24 percent at $61.91 per barrel.