No Help Yet For Singapore Stock Market

(RTTNews) - The Singapore stock market has moved lower in consecutive trading days, stumbling more than a dozen points or 0.4 percent along the way. The Straits Times Index now sits just above the 3,070-point plateau and it's expected to open under pressure again on Friday.

The global forecast for the Asian markets is negative as disappointing earnings news and concerns over the outlook for interest rates. The European and U.S. markets were down and the Asian markets figure to open in similar fashion.

The STI finished modestly lower on Thursday following mixed performances from the financials and properties, while the industrials offered support.

For the day, the index fell 7.47 points or 0.24 percent to finish at 3,071.31 after trading between 3,055.12 and 3,082.45.

Among the actives, Ascendas REIT shed 0.40 percent, while CapitaLand Integrated Commercial Trust gained 0.59 percent, CapitaLand Investment plunged 2.66 percent, City Developments retreated 1.44 percent, DBS Group eased 0.03 percent, Genting Singapore surged 2.34 percent, Hongkong Land rallied 0.97 percent, Keppel Corp rose 0.48 percent, Keppel DC REIT tumbled 1.72 percent, Mapletree Industrial Trust stumbled 1.39 percent, Oversea-Chinese Banking Corporation collected 0.08 percent, SATS advanced 0.83 percent, Seatrium Limited slumped 0.88 percent, SembCorp Industries added 0.65 percent, Singapore Technologies Engineering dropped 0.53 percent, SingTel sank 0.42 percent, Wilmar International improved 0.58 percent, Yangzijiang Financial declined 1.67 percent, Yangzijiang Shipbuilding jumped 1.38 percent and Emperador, Comfort DelGro, Thai Beverage, Mapletree Pan Asia Commercial Trust and Mapletree Logistics Trust were unchanged.

The lead from Wall Street is bleak as the major averages opened mixed on Thursday but quickly turned lower and finished at session lows.

The Dow dropped 251.63 points or 0.76 percent to finish at 32,784.30, while the NASDAQ stumbled 225.62 points or 1.76 percent to close at 12,595.61 and the S&O 500 sank 49.54 points or 1.18 percent to end at 4,137.23.

The weakness on Wall Street followed the release of a slew of largely upbeat U.S. economic data, including a Commerce Department report showing GDP soared by more than expected in the third quarter of 2023.

The resilience of the U.S. economy added to recent concerns about the Federal Reserve leaving interest rates higher for longer than investors had hoped.

In other economic news, the Commerce Department said new orders for U.S. manufactured durable goods spiked more than expected in September. Also, the Labor Department said first-time claims for U.S. unemployment benefits edged higher last week.

Oil prices fell to a two-week low on Thursday as diplomatic efforts to stop Israel from a ground invasion of Gaza helped ease concerns about oil supplies. Recent data showing a surge in U.S. crude inventories, and concerns about interest rates also weighed on oil prices. West Texas Intermediate Crude oil futures for December sank $2.18 or 2.6 percent at $83.21 a barrel.