Oversold Singapore Stock Market Still Called Lower On Wednesday

(RTTNews) - The Singapore stock market has tracked lower in seven straight sessions, slumping more than 500 points or 12.2 percent along the way. The Straits Times Index now sits just beneath the 3,470-point plateau and it's expected to open under water again on Wednesday.

The global forecast suggests volatility, with wild swings on deeply discounted stocks tempered by ongoing trade concerns. The European markets were up and the U.S. bourses were down and the Asian markets figure to follow the latter lead.

The STI finished sharply lower again on Tuesday following losses from the financial shares and trusts, while the properties and industrials were mixed.

For the day, the index tumbled 71.03 points or 2.01 percent to finish at 3,469.47 after trading between 3,450.30 and 3,580.86.

Among the actives, CapitaLand Ascendas REIT tumbled 2.33 percent, while CapitaLand Integrated Commercial Trust declined 1.94 percent, CapitaLand Investment soared 2.06 percent, City Developments sank 0.88 percent, DBS Group tanked 3.26 percent, DFI Retail Group rallied 1.90 percent, Genting Singapore advanced 0.74 percent, Hongkong Land shed 0.25 percent, Keppel DC REIT added 0.51 percent, Keppel Ltd slumped 1.53 percent, Mapletree Pan Asia Commercial Trust stumbled 2.52 percent, Mapletree Industrial Trust retreated 2.03 percent, Mapletree Logistics Trust plunged 4.17 percent, Oversea-Chinese Banking Corporation plummeted 4.27 percent, Seatrium Limited surged 2.41 percent, SembCorp Industries skyrocketed 7.60 percent, Singapore Technologies Engineering spiked 1.93 percent, Thai Beverage and Yangzijiang Shipbuilding both dropped 1.04 percent, Venture Corporation rose 0.28 percent, Wilmar International gained 0.32 percent, Yangzijiang Financial skidded 1.46 percent and SATS, SingTel, Comfort DelGro and Frasers Centrepoint Trust were unchanged.

The lead from Wall Street suggests further consolidation as the major averages opened in the green on Tuesday but faded as the day progressed, ending firmly under water.

The Dow stumbled 320.01 points or 0.84 percent to finish at 37,645.69, while the NASDAQ plunged 335.35 points or 2.15 percent to close at 15,267.91 and the S&P 500 dropped 79.48 points or 1.57 percent to end at 4,982.77.

The early rally on Wall Street partly reflected optimism about negotiations on President Donald Trump's new tariffs that could help avoid a global trade war.

Buying waned over the course of the session, however, as tensions over tariffs continue to rise between the U.S. and China.

After showing a strong move to the upside early in the session, the price of crude oil once again came under pressure over the course of the trading day on Tuesday. West Texas Intermediate for May delivery tumbled $1.12 or 1.9 percent to $59.58 a barrel, its lowest level since April 2021.