Singapore Stock Market Expected To Halt Losing Streak

(RTTNews) - The Singapore stock market has moved lower in consecutive trading days, sinking more than 40 points or 1.3 percent along the way. The Straits Times Index now sits just beneath the 3,175-point plateau although it's due for support on Thursday.

The global forecast for the Asian markets is upbeat on optimism over debt ceiling negotiations in the United States. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to follow the latter lead.

The STI finished sharply lower on Wednesday following losses from the financials and properties, while the industrials were mixed.

For the day, the index stumbled 40.20 points or 1.25 percent to finish at 3,173.84 after trading between 3,168.79 and 3,208.92.

Among the actives, Ascendas REIT plunged 3.47 percent, while CapitaLand Integrated Commercial Trust surrendered 1.95 percent, CapitaLand Investment plummeted 3.68 percent, City Developments declined 1.84 percent, Comfort DelGro tanked 3.45 percent, DBS Group dropped 1.26 percent, Emperador advanced 1.00 percent, Genting Singapore tumbled 1.92 percent, Hongkong Land slipped 0.68 percent, Keppel Corp fell 0.77 percent, Mapletree Pan Asia Commercial Trust retreated 1.79 percent, Mapletree Industrial Trust lost 0.85 percent, Mapletree Logistics Trust stumbled 1.78 percent, Oversea-Chinese Banking Corporation shed 1.06 percent, SATS eased 0.38 percent, SembCorp Industries rose 0.21 percent, Singapore Technologies Engineering sank 1.08 percent, SingTel slumped 1.55 percent, Thai Beverage gained 0.85 percent, United Overseas Bank weakened 1.51 percent, Wilmar International slid 0.75 percent, Yangzijiang Financial skidded 1.43 percent and Yangzijiang Shipbuilding rallied 2.46 percent.

The lead from Wall Street is solid as the major averages opened higher on Wednesday and accelerated throughout the day, ending near session highs.

The Dow surged 408.63 points or 1.24 percent to finish at 33,420.77, while the NASDAQ rallied 157.51 points or 1.28 percent to end at 12,500.57 and the S&P 500 advanced 48.87 points or 1.19 percent to close at 4,158.77.

The rebound on Wall Street reflected optimism that lawmakers will eventually reach an agreement on raising the U.S. debt ceiling following Tuesday's meeting between President Joe Biden and top congressional leaders.

Regional banks helped lead the rebound on Wall Street, with shares of Western Alliance (WAL) spiking by 10.2 percent after the company said deposit growth for the current quarter exceeded $2 billion as of May 12.

In economic news, the Commerce Department unexpectedly reported a significant rebound in new residential construction in April, although building permits came in below expectations for the month.

Crude oil prices rose sharply Wednesday on expectations of higher demand and optimism over U.S. debt ceiling negotiations. West Texas Intermediate Crude oil futures for June jumped $1.97 or 2.8 percent at $72.83 a barrel.