Singapore Stock Market May Find Traction On Tuesday

(RTTNews) - The Singapore stock market has moved lower in back-to-back sessions, sinking almost 75 points or 2.3 percent along the way. The Straits Times Index now rests just beneath the 3,250-point plateau although it's due for support on Tuesday.

The global forecast for the Asian markets is cautiously optimistic on bargain hunting after a rough couple of sessions. The European markets were mixed and the U.S. bourses were slightly higher and the Asian markets figure to split the difference.

The STI finished sharply lower on Monday with damage across the board, especially among the financials, properties and REITS.

For the day, the index tumbled 46.58 points or 1.41 percent to finish at 3,247.70 after trading between 3,229.45 and 3,265.69.

Among the actives, Ascendas REIT sank 1.09 percent, while CapitaLand Integrated Commercial Trust retreated 1.55 percent, CapitaLand Investment tanked 1.89 percent, City Developments lost 1.02 percent, Comfort DelGro advanced 0.79 percent, DBS Group eased 0.18 percent, Genting Singapore shed 1.05 percent, Hongkong Land slumped 1.37 percent, Keppel Corp declined 1.69 percent, Mapletree Pan Asia Commercial Trust was down 0.64 percent, Mapletree Industrial Trust slid 0.90 percent, Mapletree Logistics Trust dropped 1.20 percent, Oversea-Chinese Banking Corporation dipped 0.63 percent, SATS plunged 2.21 percent, Seatrium Limited stumbled 1.48 percent, SembCorp Industries surrendered 1.88 percent, Singapore Technologies Engineering jumped 1.85 percent, SingTel skidded 1.23 percent, Thai Beverage tumbled 1.74 percent, Wilmar International plummeted 3.94 percent, Yangzijiang Shipbuilding gained 0.60 percent and Emperador and Yangzijiang Financial were unchanged.

The lead from Wall Street is positive as the major averages opened lower on Monday; the NASDAQ and S&P 500 quickly bounced higher and stayed that way, while the Dow hugged the unchanged line throughout the session and finally finished on the green side.

The Dow added 26.23 points or 0.07 percent to finish at 35,307.63, while the NASDAQ jumped 143.48 points or 1.05 percent to close at 13,788.33 and the S&P 500 gained 25.67 points or 0.58 percent to end at 4,489.72.

The strength on Wall Street reflected bargain hunting after the NASDAQ and S&P 500 ended the previous session at their lowest closing levels in a month.

Overall trading activity has remained somewhat subdued, however, amid a lack of major U.S. economic data.

Oil prices dropped on Monday on concerns about the outlook for energy demand and a stronger dollar. West Texas Intermediate Crude oil futures for September ended lower by $0.68 or 0.8 percent at $82.51 a barrel.