Losing Streak Likely To Continue For Singapore Stock Market

(RTTNews) - The Singapore stock market has moved lower in three straight sessions, slipping more than 25 points or 0.8 percent along the way. The Straits Times Index now sits just above the 3,240-point plateau and it's tipped to open under pressure again on Wednesday.

The global forecast for the Asian markets suggests mild consolidation ahead of key inflation data later in the day. The European markets were mixed and the U.S. bourses were slightly lower and the Asian markets figure 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 shed 14.71 points or 0.45 percent to finish at 3,242.94 after trading between 3,237.64 and 3,254.29.

Among the actives, Ascendas REIT slid 0.35 percent, while City Developments slumped 1.29 percent, DBS Group collected 0.54 percent, Emperador climbed 1.00 percent, Frasers Logistics plummeted 2.24 percent, Genting Singapore jumped 1.83 percent, Hongkong Land shed 0.68 percent, Keppel Corp lost 0.62 percent, Mapletree Pan Asia Commercial Trust tumbled 1.71 percent, Mapletree Industrial Trust retreated 1.69 percent, Mapletree Logistics Trust skidded 1.14 percent, SATS rose 0.38 percent, SingTel fell 0.39 percent, Thai Beverage declined 1.59 percent, United Overseas Bank dropped 0.84 percent, Wilmar International rallied 1.27 percent, Yangzijiang Financial stumbled 1.30 percent, Yangzijiang Shipbuilding sank 0.80 percent and CapitaLand Integrated Commercial Trust, CapitaLand Investment, SembCorp Industries, Singapore Technologies Engineering, Oversea-Chinese Banking Corporation and Comfort DelGro were unchanged.

The lead from Wall Street is soft as the major averages opened lower on Tuesday and spent most of the session in the red, finishing with modest losses.

The Dow shed 56.88 points or 0.17 percent to finish at 33,561.81, while the NASDAQ dropped 77.37 points or 0.63 percent to close at 12,179.55 and the S&P 500 sank 18.95 points or 0.46 percent to end at 4,119.17.

The weakness on Wall Street came as traders continued to move money out of relatively risky assets like stocks ahead of the release of key inflation data later today.

The reports on consumer and producer price inflation, which are due to be released on Wednesday and Thursday, respectively, could have a significant impact on the outlook for interest rates.

The weakness on Wall Street may also have reflected concerns about the debt ceiling ahead of a meeting between President Joe Biden and House Speaker Kevin McCarthy, R-Calif. that could result in default if not addressed.

Crude oil prices shook off early weakness to finish higher amid expectations of higher seasonal demand and on the U.S. government's plans to refill the emergency oil reserve. West Texas Intermediate Crude oil futures for June settled at $73.71 a barrel, gaining $0.55 or 0.8 percent.