Renewed Consolidation Called For Singapore Stock Market

(RTTNews) - The Singapore stock market on Tuesday ended the two-day slide in which it had dipped more than a dozen points or 0.3 percent. The Straits Times Index now sits just above the 3,930-point plateau although it figures to head south again on Wednesday.

The global forecast for the Asian markets is negative in rising geopolitical tensions in the Middle East. The European and U.S. markets were down and the Asian bourses figure to follow that lead.

The STI finished modestly higher on Tuesday following gains from the financial shares, property stocks and industrial issues.

For the day, the index gained 22.18 points or 0.57 percent to finish at 3,930.64 after trading between 3,915.57 and 3,931.81.

Among the actives, CapitaLand Ascendas REIT spiked 1.54 percent, while CapitaLand Integrated Commercial Trust surged 1.88 percent, CapitaLand Investment rallied 1.17 percent, City Developments gathered 0.39 percent, DBS Group gained 0.68 percent, Hongkong Land improved 0.89 percent, Keppel DC REIT and Yangzijiang Shipbuilding both accelerated 1.32 percent, Keppel Ltd added 0.82 percent, Mapletree Pan Asia Commercial Trust soared 1.67 percent, Mapletree Industrial Trust strengthened 1.03 percent, Mapletree Logistics Trust increased 0.88 percent, Oversea-Chinese Banking Corporation collected 0.44 percent, SATS climbed 0.98 percent, Seatrium Limited advanced 0.97 percent, SembCorp Industries rose 0.43 percent, Singapore Technologies Engineering dipped 0.13 percent, SingTel shed 0.51 percent, Thai Beverage jumped 1.09 percent, Wilmar International lost 0.33 percent, Yangzijiang Financial sank 0.70 percent and Genting Singapore, Comfort DelGro and DFI Retail Group were unchanged.

The lead from Wall Street is weak as the major averages opened slightly lower on Tuesday but saw the losses accelerate as the day progressed, ending firmly under water.

The Dow stumbled 299.29 points or 0.70 percent to finish at 42,215.80, while the NASDAQ slumped 180.12 points or 0.91 percent to close at 19,521.09 and the S&P 500 sank 50.39 points or 0.84 percent to end at 5,982.72.

While reports hinting at an end to hostilities contributed to a rally on Monday, news that President Donald Trump left a G7 summit early to focus on the conflict has led to worries about further escalation.

The weakness on Wall Street also came after the release of a Commerce Department report showing U.S. retail sales fell by more than expected in the month of May.

Crude prices soared on Tuesday, with the conflict between Israel and Iran showing no sign of retreat. West Texas Intermediate crude for July delivery shot up by $3.07 to settle at $74.84 per barrel.