Singapore Stock Market May Extend Tuesday's Losses

(RTTNews) - The Singapore stock market has finished lower in two of three trading days since the end of the two-day winning streak in which it had picked up almost 20 points or 0.6 percent. The Straits Times Index now rests just beneath the 3,250-point plateau and it may take further damage on Wednesday.

The global forecast for the Asian markets remains soft on concerns over an economic slowdown and the outlook for interest rates. The European and U.S. markets were down and the Asian bourses are tipped to open in similar fashion.

The STI finished modestly lower on Tuesday following losses from the properties and industrials, while the financials came in mixed.

For the day, the index slipped 16.36 points or 0.50 percent to finish at 3,246.21 after trading between 3,224.98 and 3,259.42. Volume was 1.57 billion shares worth 1.34 billion Singapore dollars. There were 257 decliners and 222 gainers. Among the actives, Ascendas REIT and Mapletree Logistics Trust both tanked 1.69 percent, while CapitaLand Integrated Commercial Trust dropped 0.96 percent, CapitaLand Investment stumbled 1.04 percent, City Developments surrendered 1.44 percent, DBS Group perked 0.03 percent, Genting Singapore shed 0.62 percent, Hongkong Land plummeted 2.00 percent, Keppel Corp fell 0.14 percent, Mapletree Pan Asia Commercial Trust tumbled 1.55 percent, Mapletree Industrial Trust plunged 1.87 percent, Oversea-Chinese Banking Corporation sank 0.74 percent, SATS added 0.49 percent, SembCorp Industries jumped 1.85 percent, Singapore Exchange declined 1.41 percent, Singapore Technologies Engineering retreated 1.29 percent, SingTel slumped 1.13 percent, Thai Beverage advanced 0.77 percent, United Overseas Bank collected 0.66 percent, Wilmar International skidded 0.97 percent, Yangzijiang Financial climbed 1.33 percent and Yangzijiang Shipbuilding and Comfort DelGro were unchanged.

The lead from Wall Street suggests mild consolidation again on Wednesday as the major averages shook off early support and finished slightly lower.

The Dow dropped 154.02 points or 0.47 percent to finish at 32,909.59, while the NASDAQ eased 0.27 points or 0.00 percent to close at 12,381.30 and the S&P 500 dipped 9.26 points or 0.22 percent to end at 4,128.73.

The weakness that emerged on Wall Street came as traders were cautious ahead of Fed Chair Jerome Powell's speech at the central bank's annual Jackson Hole economic symposium later this week, which may provide clues about the bank's outlook for the economy and interest rates.

In economic news, Markit Economics said its manufacturing PMI slowed in August, while the services and composite PMIs contracted at an accelerated rate. Also, the Commerce Department said new home sales slumped in July to their lowest reading since January 2016.

Crude oil prices rose sharply on Tuesday with traders weighing the prospects of OPEC and allies cutting output to support prices in the event of Iranian crude entering the market. West Texas Intermediate Crude oil futures for September jumped $3.38 or 3.7 percent at $93.74 a barrel.