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Soft Start Anticipated For Singapore Stock Market

RTTNews | 720 days ago

(RTTNews) - The Singapore stock market on Tuesday ended the two-day winning streak in which it had gathered more than 20 points or 0.6 percent. The Straits Times Index now sits just above the 3,225-point plateau and it may extend its losses on Wednesday.

The global forecast for the Asian markets suggests mild consolidation on growth concerns. The European and U.S markets were down and the Asian markets are predicted to open in similar fashion.

The STI finished modestly lower on Tuesday as losses from the properties, financial shares and REITs were mitigated by support from the industrials.

For the day, the index slipped 12.14 points or 0.37 percent to finish at 3,226.83 after trading between 3,214.63 and 3,233.84.

Among the actives, Ascendas REIT fell 0.36 percent, while CapitaLand Integrated Commercial Trust retreated 1.04 percent, CapitaLand Investment slid 0.32 percent, City Developments and Mapletree Logistics Trust both sank 0.59 percent, Comfort DelGro dropped 0.78 percent, DBS Group eased 0.27 percent, Keppel Corp declined 1.01 percent, Mapletree Pan Asia Commercial Trust added 0.66 percent, Mapletree Industrial Trust shed 0.43 percent, Oversea-Chinese Banking Corporation skidded 0.79 percent, SATS tumbled 1.15 percent, Seatrium Limited plummeted 1.37 percent, SembCorp Industries climbed 0.97 percent, SingTel lost 0.42 percent, Wilmar International slumped 0.81 percent, Yangzijiang Financial rallied 1.41 percent, Yangzijiang Shipbuilding jumped 1.84 percent and Genting Singapore, Emperador, Hongkong Land, Singapore Technologies Engineering, Thai Beverage, Frasers Logistics and DFI Retail Group were unchanged.

The lead from Wall Street is weak as the major averages opened lower on Tuesday and largely remained in the red throughout the session.

The Dow dropped 195.74 points or 0.56 percent to finish at 34,641.97, while the NASDAQ dipped 10.86 points or 0.08 percent to close at 14,020.95 and the S&P 500 fell 18.94 points or 0.42 percent to end at 4,496.83.

Concerns about the outlook for global economy following the release of disappointing Chinese and European data weighed on the market. A firm dollar and higher Treasury yields hurt as well.

In economic news, the Commerce Department reported a significant pullback in factory orders in July.

Oil prices climbed higher on Tuesday after Saudi Arabia and Russia announced they will extend their voluntary production cuts by three months. West Texas Intermediate Crude oil futures for October ended higher by $1.14 or about 1.3 percent at $86.69 a barrel.

U.S. Consumer Confidence Index Edges Lower In August

A report released by the Conference Board on Tuesday showing a modest deterioration by consumer confidence in the U.S. in the month of August. The Conference Board said its consumer confidence index dipped to 97.4 in August from an upwardly revised 98.7 in July.

RTTNews | 1h 57min ago

U.S. Durable Goods Orders Slump 2.8% In July, Much Less Than Expected

Reflecting a continued plunge by orders for transportation equipment, the Commerce Department released a report on Tuesday showing a steep drop by new orders for U.S. manufactured durable goods in the month of July. The Commerce Department said durable goods orders slumped by 2.8 percent in July after plummeting by a revised 9.4 percent in June.

RTTNews | 2h 8min ago