Singapore Bourse Expected To Extend Losing Streak

(RTTNews) - The Singapore stock market has finished lower in two straight sessions, sinking more than 20 points or 0.6 percent along the way. The Straits Times Index now rests just above the 3,300-point plateau, although it's likely to give up that support on Wednesday.

The global forecast for the Asian markets suggests consolidation on geopolitical concerns and fears over the outlook for interest rates. The European and U.S. markets were solidly lower and the Asian bourses are tipped to follow suit.

The STI finished slightly lower on Tuesday following losses from the financials, gains from the industrials and a mixed picture from the properties.

For the day, the index eased 1.89 points or 0.06 percent to finish at 3,306.86 after trading between 3,298.39 and 3,315.86.

Among the actives, Ascendas REIT lost 0.36 percent, while CapitaLand Investment slumped 0.78 percent, City Developments improved 0.90 percent, DBS Group slid 0.17 percent, Genting Singapore advanced 1.00 percent, Hongkong Land increased 0.43 percent, Keppel Corp added 0.56 percent, Oversea-Chinese Banking Corporation eased 0.08 percent, SembCorp Industries gained 0.53 percent, Singapore Technologies Engineering rose 0.28 percent, SingTel fell 0.41 percent, Thai Beverage dropped 0.77 percent, United Overseas Bank was down 0.07 percent, Wilmar International sank 0.50 percent, Yangzijiang Financial climbed 1.39 percent, Yangzijiang Shipbuilding jumped 2.34 percent and Mapletree Pan Asia Commercial Trust, Mapletree Industrial Trust, Mapletree Logistics Trust, CapitaLand Integrated Commercial Trust, SATS, Frasers Logistics, Comfort DelGro and Emperador were unchanged.

The lead from Wall Street is broadly negative as the major averages opened lower on Tuesday and saw the losses accelerate as the day progressed, ending near session lows.

The Dow plummeted 697.10 points or 2.06 percent to finish at 33,129.59, while the NASDAQ plunged 294.97 points or 2.50 percent to close at 11,492.30 and the S&P 500 tumbled 81.75 points or 2.00 percent to end at 3,997.34.

The sell-off on Wall Street reflected ongoing concerns about the outlook for interest rates amid a spike in treasury yields. The benchmark 10-year yield more than offset the dip seen last Friday, reaching its highest closing level in three months.

Recent economic data has also led to worries the Federal Reserve may raise rates higher than expected and keep them elevated for an extended period. Later today, the Fed will release minutes of its latest monetary policy meeting, which could shed some light on the outlook for interest rates.

Geopolitical concerns also weighed after Russian President Vladimir Putin said he is suspending Russia's participation in a nuclear arms treaty with the U.S. The announcement by Putin comes after U.S. President Joe Biden made a surprise visit to Ukraine's capital Kyiv on Monday.

Crude oil prices were volatile on Tuesday as traders weighed the impact of higher U.S. interest rates against optimism about increased demand from China. West Texas Intermediate for March delivery dipped $0.16 or 0.2 percent to $76.16 a barrel, while crude for April delivery eased $0.19 or 0.3 percent to $76.29 a barrel.