Singapore Bourse May Extend Losing Streak

(RTTNews) - The Singapore stock market has moved lower in three straight sessions, slumping more than 15 points or 0.4 percent along the way. The Straits Times Index now sits just beneath the 4,340-point plateau and it may take further damage on Wednesday.

The global forecast for the Asian markets is soft ahead of the FOMC's rate decision later today. The European and U.S. markets were down and the Asian bourses figure to open in similar fashion.

The STI finished barely lower on Tuesday following losses from the industrials, support from the trusts and mixed performances from the banks and properties.

For the day, the index eased 0.68 points or 0.02 percent to finish at 4,337.74 after trading between 4,322.43 and 4,347.12.

Among the actives, CapitaLand Ascendas REIT and Mapletree Pan Asia Commercial Trust both dropped 0.70 percent, while CapitaLand Integrated Commercial Trust shed 0.43 percent, CapitaLand Investment stumbled 1.44 percent, Comfort DelGro jumped 1.34 percent, DBS Group perked 0.25 percent, DFI Retail Group surged 1.82 percent, Genting Singapore rose 0.66 percent, Hongkong Land added 0.76 percent, Keppel DC REIT tanked 1.24 percent, Keppel Ltd slumped 0.80 percent, Mapletree Industrial Trust sank 0.46 percent, Oversea-Chinese Banking Corporation eased 0.12 percent, SATS slipped 0.30 percent, SembCorp Industries fell 0.33 percent, Singapore Technologies Engineering rallied 1.10 percent, SingTel advanced 0.93 percent, Thai Beverage climbed 1.08 percent, United Overseas Bank lost 0.40 percent, UOL Group was down 0.13 percent, Wilmar International gained 0.68 percent, Yangzijiang Financial collected 0.85 percent, Yangzijiang Shipbuilding dipped 0.31 percent and Mapletree Logistics Trust, Seatrium Limited and City Developments were unchanged.

The lead from Wall Street is weak as the major averages opened mixed on Tuesday but quickly turned lower and all ended under water.

The Dow slumped 125.55 points or 0.27 percent to finish at 45,757.90, while the NASDAQ fell 14.79 points or 0.07 percent to close at 22,333.75 and the S&P lost 8.52 points or 0.13 percent to end at 6,606.76.

The choppy trading on Wall Street came as traders seemed reluctant to make significant moves as the Federal Reserve began its two-day monetary policy meeting.

While the Fed is widely expected to lower interest rates by 25 basis points, traders will look to the accompanying statement as well as officials' latest economic projections for clues about the outlook for rates.

The Fed is widely expected to lower rates by another 25 basis points at both its October and December meetings, although Fed Chair Jerome Powell is likely to say future rate cuts will depend on incoming economic data.

Crude oil moved sharply higher on Tuesday amid the intensifying Russia-Ukraine war and ahead of the Federal Reserve's interest rate decision later today. West Texas Intermediate crude for October delivery was up $1.22 or 1.93 percent at $64.52 per barrel.

Closer to home, Singapore will see August figures for non-oil domestic exports and Q2 numbers for unemployment later today. In July, NODX fell 6.0 percent on month and 4.6 percent on year, while the jobless rate is called unchanged at 2.1 percent.