Singapore Bourse May Extend Monday's Losses

(RTTNews) - The Singapore stock market has alternated between positive and negative finishes through the last four trading days since the end of the three-day losing streak in which it had slipped almost 35 points or 1.1 percent. The Straits Times Index now sits just beneath the 3,140-point plateau and it's likely to open under pressure again on Tuesday.

The global forecast for the Asian markets is mixed to lower ahead of inflation data that may affect the outlook for interest rates. The European and U.S. markets were mixed and little changed and the Asian bourses figure to follow suit.

The STI finished modestly lower on Monday following losses from the financial shares, gains from the industrials and a mixed picture from the property sector.

For the day, the index lost 8.67 points or 0.28 percent to finish at 3,138.42 after trading between 3,133.72 and 3,148.82.

Among the actives, Ascendas REIT lost 0.37 percent, while CapitaLand Integrated Commercial Trust dropped 0.51 percent, CapitaLand Investment declined 1.11 percent, City Developments surged 3.13 percent, Comfort DelGro advanced 0.74 percent, DBS Group sank 0.44 percent, Emperador plummeted 3.00 percent, Hongkong Land plunged 1.85 percent, Keppel Ltd rose 0.28 percent, Mapletree Pan Asia Commercial Trust skidded 0.75 percent, Mapletree Industrial Trust retreated 1.29 percent, Mapletree Logistics Trust tumbled 1.35 percent, Oversea-Chinese Banking Corporation eased 0.15 percent, SATS added 0.39 percent, Singapore Technologies Engineering dipped 0.25 percent, Thai Beverage slumped 1.00 percent, Wilmar International fell 0.30 percent, Yangzijiang Financial tanked 1.54 percent, Yangzijiang Shipbuilding rallied 1.63 percent and Seatrium Limited, SembCorp Industries, SingTel, Genting Singapore and Keppel DC REIT were unchanged.

The lead from Wall Street is uninspired as the major averages opened lower on Monday and largely stayed that way, although the Dow snuck barely above the line late in the day to finish slightly higher.

The Dow added 46.97 points or 0.12 percent to finish at 38,769.66, while the NASDAQ slumped 65.84 points or 0.41 percent to close at 16,019.27 and the S&P 500 dipped 5.75 points or 0.11 percent to end at 5,117.94.

The weakness on Wall Street came amid uncertainty about the outlook for interest rates ahead of the release of key inflation data later today, when the Labor Department is scheduled to release its closely watched report on consumer price inflation for February.

The inflation data could have a significant impact on the outlook for interest rates, with Federal Reserve officials saying they need "greater confidence" that inflation is slowing before they consider cutting rates.

While the Fed is widely expected to leave rates unchanged at its monetary policy meeting next week, the data could impact expectations regarding when the central bank will eventually lower rates.

Oil futures settled lower on Monday amid concerns about the outlook for demand from China and on caution ahead key U.S. consumer price inflation data. West Texas Intermediate Crude oil futures for April ended down $0.08 or 0.1 percent at $77.93 a barrel, settling lower for the third consecutive session.