Continued Consolidation Called For Singapore Stock Market

RTTNews | 1007 days ago
Continued Consolidation Called For Singapore Stock Market

(RTTNews) - The Singapore stock market has moved lower in two of three trading days since the end of the two-day winning streak in which it had picked up more than 15 points or 0.5 percent. The Straits Times Index now rests just above the 3,220-point plateau and it's likely to take further damage on Thursday.

The global forecast for the Asian markets is broadly negative on inflation and interest rate concerns. The European and U.S. markets were down on Wednesday and now the Asian markets are expected to open in similar fashion.

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

For the day, the index sank 17.66 points or 0.55 percent to finish at 3,221.67 after trading between 3,212.18 and 3,233.61. Volume was 2.06 billion shares worth 1.89 billion Singapore dollars. There were 269 decliners and 251 gainers.

Among the actives, Ascendas REIT tanked 2.08 percent, while CapitaLand Investment declined 1.86 percent, City Developments shed 0.49 percent, DBS Group skidded 0.85 percent, Genting Singapore tumbled 1.90 percent, Hongkong Land sank 0.82 percent, Keppel Corp climbed 1.11 percent, Mapletree Pan Asia Commercial Trust weakened 1.08 percent, Mapletree Industrial Trust plunged 2.32 percent, Mapletree Logistics Trust plummeted 2.34 percent, Oversea-Chinese Banking Corporation eased 0.08 percent, SATS rose 0.25 percent, SembCorp Industries stumbled 1.17 percent, Singapore Exchange added 0.42 percent, Singapore Technologies Engineering retreated 1.58 percent, SingTel surrendered 1.87 percent, Thai Beverage advanced 0.78 percent, United Overseas Bank collected 0.04 percent, Wilmar International dropped 0.74 percent, Yangzijiang Financial slumped 1.32 percent and Yangzijiang Shipbuilding, CapitaLand Integrated Commercial Trust and Comfort DelGro were unchanged.

The lead from Wall Street is soft as the major averages shook off a positive open on Wednesday, hugging the line for much of the day before a late slide pushed them firmly into the red for the fourth straight session.

The Dow tumbled 280.44 points or 0.88 percent to finish at 31,510.43, while the NASDAQ slumped 66.93 points or 0.56 percent to close at 11,816.20 and the S&P 500 sank 31.16 points or 0.78 percent to end at 3,955.00.

The continued weakness on Wall Street reflected lingering concerns about higher interest rates following some hawkish comments from Federal Reserve officials.

Exacerbating those concerns, Eurozone inflation hit a new record in August and added further pressure on the European Central Bank to tighten policy more aggressively as soon as next week.

In economic news, payroll processor ADP said that private sector employment in the U.S. increased by much less than expected in August.

Crude oil prices saw further downside on Wednesday, extending recent losses on concerns about the outlook for the global economy after the Eurozone's record high inflation report. West Texas Intermediate for October delivery tumbled $2.09 or 2.3 percent to $89.55 a barrel.

read more
Canadian Market Slightly Higher In Cautious Trade

Canadian Market Slightly Higher In Cautious Trade

After a a weak start and a subsequent recovery, the Canadian market slipped into negative territory Tuesday morning, but edged higher again and was trading modestly higher about a couple of hours past noon. The early weakness was due to the uncertainty surrounding Trump's tariff moves, and downward revisions in Canadian and global growth forecast by the OECD.
RTTNews | 2h 59min ago
Swiss Market Ends Modestly Higher

Swiss Market Ends Modestly Higher

The Switzerland market retreated after a positive start Tuesday morning, and after moving along the flat line till around mid afternoon, found some momentum and eventually ended the day's session modestly Expectations of a rate cut by the Swiss central bank contributed to market's upmove.
RTTNews | 3h 20min ago
European Stocks Recover From Early Weakness, Close Broadly Higher

European Stocks Recover From Early Weakness, Close Broadly Higher

European stocks closed higher on Tuesday despite lingering uncertainty about the Trump administration's tariff moves. Investors digested regional economic data, that included a report showing a drop in euro zone inflation, and looked ahead to some crucial reports from the U.S., including non-farm payroll data due later in the week.
RTTNews | 3h 40min ago
U.S. Job Openings Unexpectedly Increase In April

U.S. Job Openings Unexpectedly Increase In April

Job openings in the U.S. unexpectedly increased in the month of April, according to a report released by the Labor Department on Tuesday. The Labor Department said job openings climbed to 7.391 million in April from an upwardly revised 7.200 million in March.
RTTNews | 5h 33min ago
U.S. Factory Orders Pull Back Sharply In April

U.S. Factory Orders Pull Back Sharply In April

A report released by the Commerce Department on Tuesday showed a substantial pullback by new orders for U.S. manufactured goods in the month of April. The Commerce Department said factory orders plunged by 3.7 percent in April after surging by a downwardly revised 3.4 percent in March.
RTTNews | 5h 55min ago
Eurozone Inflation Falls Below 2% Target To Boost ECB Rate Cut Hopes

Eurozone Inflation Falls Below 2% Target To Boost ECB Rate Cut Hopes

Euro area inflation fell below the 2 percent target in May largely due to the slowdown in services inflation and reinforced expectations for another interest rate reduction from the European Central Bank later this week. Inflation softened more-than-expected to 1.9 percent in May from 2.2 percent in April, figures from Eurostat revealed on Tuesday. The rate was expected to slow to 2.0 percent.
RTTNews | 7h 14min ago