Singapore Bourse May Find Traction On Wednesday

RTTNews | 1015 days ago
Singapore Bourse May Find Traction On Wednesday

(RTTNews) - The Singapore stock market has moved lower in three straight sessions, stumbling almost 100 points or 3.2 percent along the way. The Straits Times Index now rests just above the 3,165-point plateau although it's looking at a steady start on Wednesday.

The global forecast for the Asian markets is mixed to higher, with bargain hunting expected - especially among the oil and technology stocks. The European markets were down and the U.S. bourses were mixed and the Asian markets figure to follow the latter lead.

The STI finished modestly lower on Tuesday following losses from the financial shares and industrials.

For the day, the index lost 16.47 points or 0.52 percent to finish at 3,165.50 after trading between 3,158.32 and 3,181.61. Volume was 1.32 billion shares worth 1.45 billion Singapore dollars. There were 280 decliners and 217 gainers.

Among the actives, Ascendas REIT skidded 0.74 percent, while CapitaLand Integrated Commercial Trust plunged 1.51 percent, CapitaLand Investment and Venture Corporation both retreated 0.85 percent, City Developments eased 0.13 percent, DBS Group dipped 0.51 percent, Emperador surrendered 1.00 percent, Genting Singapore jumped 1.28 percent, Hongkong Land dropped 0.64 percent, Keppel Corp lost 0.57 percent, Mapletree Pan Asia Commercial Trust tumbled 1.12 percent, Mapletree Industrial Trust advanced 0.83 percent, Mapletree Logistics Trust sank 0.62 percent, Oversea-Chinese Banking Corporation shed 0.59 percent, SATS slumped 0.77 percent, Singapore Technologies Engineering fell 0.55 percent, SingTel slid 0.38 percent, Thai Beverage added 0.81 percent, United Overseas Bank declined 0.97 percent, Wilmar International added 0.52 percent, Yangzijiang Financial tanked 1.28 percent, Yangzijiang Shipbuilding plummeted 2.70 percent and Comfort DelGro and SembCorp Industries were unchanged.

The lead from Wall Street offers little clarity as the major averages shook off early strength, sinking as the day progressed with only the NASDAQ finishing in the green.

The Dow dropped 125.82 points or 0.43 percent to finish at 29,134.99, while the NASDAQ added 26.58 points or 0.25 percent to end at 10,829.50 and the S&P 500 slipped7.75 points or 0.21 percent to close at 3,647.29.

Bargain hunting contributed to the early rebound on Wall Street, as traders picked up stocks at reduced levels following recent weakness. Buying interest waned over the course of the morning, however, as concerns about higher interest rates and the outlook for the global economy continued to weigh on the markets.

The subsequent pullback by stocks came as treasury yields once again surged after an initial move to the downside, with the yield on the benchmark 10-year note reaching its highest levels in over 12 years.

In economic news, the Commerce Department noted a modest decrease in new orders for U.S. manufactured durable goods in August, as well as a rebound in new home sales last month. Also, the Conference Board saw a bigger than expected improvement in consumer confidence this month.

Crude oil prices climbed higher on Tuesday on reports producers have slowed down production in the U.S. Gulf of Mexico ahead of Hurricane Ian. West Texas Intermediate Crude oil futures for November ended higher by $1.79 or 2.3 percent at $78.50 a barrel.

read more
Yen Falls As Traders Speculate BoJ Rate Hike Pause

Yen Falls As Traders Speculate BoJ Rate Hike Pause

The Japanese yen weakened against other major currencies in the late Asian session on Wednesday, as traders reduced their bets on an immediate interest rate hike by the Bank of Japan (BoJ) due to worries about the possible economic effects of US President Donald Trump's trade tariffs.
RTTNews | 1h 3min ago
Malaysia Central Bank Cuts Policy Rate For First Time Since 2020

Malaysia Central Bank Cuts Policy Rate For First Time Since 2020

Malaysia's central bank lowered its key interest rate for the first time in five years on Wednesday to underpin economic growth amid the ongoing trade tariff uncertainty. The Monetary Policy Committee of Bank Negara Malaysia decided to reduce the Overnight Policy Rate by 25 basis points to 2.75 percent. The ceiling and floor rates of the corridor of the OPR were correspondingly reduced.
RTTNews | 1h 4min ago
FTSE 100 Modestly Higher

FTSE 100 Modestly Higher

The UK market remains firmly placed in positive territory a little past noon on Wednesday, holding gains after a steady start, amid rising optimism about the European Union striking a deal with the U.S. in the coming weeks.
RTTNews | 1h 21min ago
CAC 40 Up 1.25% On Trade Deal Optimism

CAC 40 Up 1.25% On Trade Deal Optimism

French stocks are up in positive territory on Wednesday, extending gains to a third straight session, amid optimism about U.S. and the European Union striking a deal sometime soon, despite U.S. President Donald Trump's threat that steep tariffs will be imposed on copper imports, and pharmaceuticals.
RTTNews | 1h 46min ago
DAX Rises Sharply On US-EU Trade Deal Hopes

DAX Rises Sharply On US-EU Trade Deal Hopes

German stocks climbed up on Wednesday, lifting the benchmark DAX to a one-month high, as expectations of a US-European Union deal helped underpin sentiment.
RTTNews | 2h 0min ago
NZ Dollar Falls After RBNZ Rate Decision

NZ Dollar Falls After RBNZ Rate Decision

The New Zealand dollar retreated from recent highs against other major currencies in the Asian session on Wednesday, after the Reserve Bank of New Zealand's (RBNZ) widely anticipated decision to maintain rates constant.
RTTNews | 3h 42min ago