Singapore Shares Overdue For Support On Tuesday

(RTTNews) - The Singapore stock market has tracked lower in six straight sessions, slumping more than 435 points or 10.2 percent along the way. The Straits Times Index now sits just above the 3,540-point plateau although it figures to find some traction on Tuesday.

The global forecast for the Asian markets suggests bargain hunting after a couple of sessions of extremely heavy losses, The European markets were sharply lower and the U.S. bourses were mixed but the Asian markets are due to tick higher.

The STI finished sharply lower on Monday with damage across the board thanks to tariff-driven fears, especially among the financials, properties and industrials.

For the day, the index tanked 285.36 points or 7.46 percent to finish at 3,540.50 after trading between 3,494.39 and 3,634.57.

Among the actives, CapitaLand Integrated Commercial Trust was down 3.74 percent, while CapitaLand Investment and SATS both retreated 8.30 percent, City Developments dropped 6.80 percent, Comfort DelGro slid 5.44 percent, DBS Group surrendered 9.28 percent, Genting Singapore slumped 7.53 percent, Hongkong Land declined 7.74 percent, Keppel DC REIT stumbled 8.41 percent, Keppel Ltd cratered 11.14 percent, Mapletree Pan Asia Commercial Trust fell 5.56 percent, Mapletree Industrial Trust lost 5.74 percent, Mapletree Logistics Trust tumbled 8.40 percent, Oversea-Chinese Banking Corporation skidded 6.92 percent, Seatrium Limited plummeted 14.43 percent, SembCorp Industries tanked 9.67 percent, Singapore Technologies Engineering weakened 7.03 percent, SingTel slipped 4.82 percent, Thai Beverage sank 5.88 percent, Wilmar International shed 5.81 percent, Yangzijiang Financial crashed 9.87 percent, Yangzijiang Shipbuilding plunged 11.52 percent and Emperador was unchanged.

The lead from Wall Street is murky as the major averages opened lower on Monday but then hugged the line on both sides before finishing mixed and little changed.

The Dow tumbled 349.26 points or 0.91 percent to finish at 37,965.60, while the NASDAQ added 15.48 points or 0.10 percent to close at 15,603.26 and the S&P 500 fell 11.83 points or 0.23 percent to end at 5,062.25.

Stocks initially extended the sell-off seen over the two previous sessions amid ongoing concerns about the impact of President Donald Trump's new tariffs and retaliatory moves by U.S. trade partners.

Adding to worries about a global trade war, Trump threatened to impose an additional 50 percent tariff on Chinese goods unless the country withdraws its new 34 percent tariff on U.S. goods.

Selling pressure waned shortly after the start of trading, however, leading some traders to pick up stocks at reduced levels after the major averages hit their lowest intraday levels in over a year.

Crude oil prices tumbled again on Monday, extending the nosedive seen over the two previous sessions over tariff concerns. After plummeting nearly $10 a barrel last Thursday and Friday, West Texas Intermediate crude for May delivery dropped $1.29 or 2.1 percent to $60.70 a barrel.