Singapore Shares Due For Profit Taking On Tuesday

RTTNews | 612 days ago
Singapore Shares Due For Profit Taking On Tuesday

(RTTNews) - The Singapore stock market has moved higher in six straight sessions, collecting more than 115 points or 4 percent along the way. The Straits Times Index now sits just above the 3,180-point plateau although it may run out of steam on Tuesday.

The global forecast for the Asian markets is mixed and fairly flat, with many of the regional bourses due for profit taking after big recent gains. The European markets were slightly lower and the U.S. bourses were slightly higher and the Asian markets figure to split the difference.

The STI finished sharply higher on Monday following gains from the financial shares, property stocks, REITs and industrials. For the day, the index jumped 36.87 points or 1.17 percent to finish at the daily high of 3,180.53 after moving as low as 3,153.63.

Among the actives, Ascendas REIT rallied 1.85 percent, while CapitaLand Integrated Commercial Trust rose 1.09 percent, CapitaLand Investment spiked 1.95 percent, City Developments soared 2.48 percent, Comfort DelGro was up 0.76 percent, DBS Group climbed 1.38 percent, DFI Retail skyrocketed 5.26 percent, Genting Singapore gained 1.14 percent, Hongkong Land and Frasers Logistics both gathered 0.90 percent, Keppel Corp advanced 1.25 percent, Mapletree Pan Asia Commercial Trust picked up 0.74 percent, Mapletree Industrial Trust improved 1.37 percent, Mapletree Logistics Trust surged 2.60 percent, Oversea-Chinese Banking Corporation collected 1.08 percent, SATS added 1.19 percent, SembCorp Industries jumped 1.65 percent, Singapore Technologies Engineering sank 0.77 percent, SingTel perked 0.82 percent, Thai Beverage accelerated 1.87 percent, Wilmar International fell 0.27 percent, Yangzijiang Financial strengthened 1.54 percent, Yangzijiang Shipbuilding increased 1.32 percent and Emperador and Seatrium Limited were unchanged.

The lead from Wall Street suggests very mild upside as the major averages opened higher on Monday, slipped into the red late but managed to finish just above the unchanged line by the close.

The Dow rose 34.54 points or 0.10 percent to finish at 34,095.86, while the NASDAQ gained 40.50 points or 0.30 percent to close at 13,518.78 and the S&P 500 roe 7.64 points or 0.18 percent to end at 4,365.98.

The early strength on Wall Street came as traders continued to express optimism about the outlook for interest rates. The Federal Reserve's monetary policy announcement last Wednesday combined with softer than expected jobs data last Friday has led to optimism that the central bank is done raising interest rates.

Treasuries showed a significant pullback during trading on Monday after moving sharply higher over the past few sessions. Bond prices came under pressure early in the session and saw further downside as the day progressed. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, jumped 10.4 basis points to 4.662 percent.

A late round of profit taking following recent gains sent markets briefly into the red before a mild recovery.

Oil futures settled higher on Monday after Russia and Saudi Arabia confirmed that they will extend their voluntary production and supply cuts to the end of the year. West Texas Intermediate Crude oil futures for December ended higher by $0.31 or 0.4 percent at $80.82 a barrel.

read more
Bay Street Likely To Open Lower

Bay Street Likely To Open Lower

Canadian shares look headed for a weak start on Friday due to trade war concerns, although fairly firm crude oil and bullion prices may help limit the market's downside. Data showing an increase in Canadian employment in the month of June and a drop in the unemployment rate may also aid sentiment a bit.
RTTNews | 2h 11min ago
Pound Falls As U.K. Economy Contracts For Second Straight Month

Pound Falls As U.K. Economy Contracts For Second Straight Month

The British pound weakened against other major currencies in the European session on Friday, as the UK economy shrank for the second consecutive month in May, adding challenges to Chancellor Rachel Reeves in achieving her self-imposed borrowing rules.
RTTNews | 2h 18min ago
Pound Falls Against Majors

Pound Falls Against Majors

The British pound weakened against other major currencies in the European session on Friday.
RTTNews | 2h 40min ago
Yen Retreats Amid US-Japan Trade Uncertainty

Yen Retreats Amid US-Japan Trade Uncertainty

The Japanese yen retreated from early highs against other major currencies in the European session on Friday, amid concerns on US-Japan relations in light of Trump's placement of a 25 percent tariff on Japanese exports this week, which will go into force on August 1.
RTTNews | 3h 30min ago
UK Economy Contracts For Second Straight Month

UK Economy Contracts For Second Straight Month

The UK economy shrank for the second consecutive month in May, adding challenges to Chancellor Rachel Reeves in meeting her self-imposed borrowing rules. Gross domestic product fell unexpectedly by 0.1 percent in May, following a 0.3 percent drop in April, data from the Office for National Statistics revealed on Friday.
RTTNews | 4h 0min ago
CAC 40 Down More Than 1% As Trade War Concerns Hurt Sentiment

CAC 40 Down More Than 1% As Trade War Concerns Hurt Sentiment

French stocks are notably lower on Friday, weighed down by losses in automobile and luxury sectors. The mood in the market is a bit bearish, in line with other major markets in Europe, amid renewed worries about tariffs.
RTTNews | 4h 7min ago