Singapore Bourse May Halt Winning Streak On Wednesday

(RTTNews) - The Singapore stock market has tracked higher in four straight sessions, collecting more than 45 points or 1.5 percent along the way. The Straits Times Index now sits just beneath the 3,220-point plateau although it may spin its wheels on Wednesday.

The global forecast for the Asian markets remains soft on increasing concerns over the Republican-manufactured U.S. debt ceiling confrontation. The European and U.S. markets were down and the Asian bourses figure to follow that lead.

The STI finished slightly higher on Tuesday following mixed performances from the financial shares, property stocks and industrial issues.

For the day, the index rose 6.99 points or 0.22 percent to finish at 3,218.08 after trading between 3,200.73 and 3,232.29.

Among the actives, Ascendas REIT gained 0.42 percent, while CapitaLand Integrated Commercial Trust added 0.50 percent, CapitaLand Investment rose 0.29 percent, Comfort DelGro climbed 0.90 percent, DBS Group jumped 1.88 percent, Emperador tumbled 0.97 percent, Hongkong Land retreated 0.90 percent, Keppel Corp eased 0.15 percent, Mapletree Pan Asia Commercial Trust and UOL Group both improved 0.60 percent, Mapletree Industrial Trust declined 0.87 percent, Oversea-Chinese Banking Corporation dipped 0.33 percent, SATS lost 0.35 percent, SembCorp Industries shed 0.41 percent, Singapore Technologies Engineering was down 0.27 percent, SingTel fell 0.39 percent, United Overseas Bank collected 0.54 percent, Wilmar International slumped 0.50 percent, Yangzijiang Shipbuilding advanced 0.80 percent and Mapletree Logistics Trust, Genting Singapore, Yangzijiang Financial, City Developments, Thai Beverage and Frasers Logistics were unchanged.

The lead from Wall Street suggests consolidation as the major averages opened lower on Tuesday and spent much of the day hugging the line before slumping in the afternoon.

The Dow tumbled 231.07 points or 0.69 percent to finish at 33,055.51, while the NASDAQ sank 160.53 points or 1.26 percent to end at 12,560.25 and the S&P 500 dropped 47.05 points or 1.12 percent to close at 4,145.58.

The markets continue to be weighed by the debt ceiling negotiations. U.S. President Joe Biden and House Speaker Kevin McCarthy said they held productive talks but there was no agreement on how to raise the government's $31.4 trillion debt ceiling.

In economic news, the S&P Global US Composite PMI accelerated to its fastest pace in more than a year, while the Commerce Department said new home sales surprised much higher to the upside.

Crude oil futures advanced on speculation that OPEC might consider another production cut next month, and on a warning from Saudi Arabia's energy minister that oil prices will stop declining. West Texas Intermediate Crude oil futures for July rose $0.86 or 1.2 percent at $72.91 a barrel.