Continued Consolidation Called For Singapore Shares

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(RTTNews) – The Singapore stock market has finished lower in two straight sessions, sliding almost 20 points or 0.8 percent along the way. The Straits Times Index now sits just above the 2,525-point plateau and it’s expected to extend its losses on Thursday.

The global forecast for the Asian markets is soft on concerns over a new wave of the coronavirus and doubts about a new stimulus package to deal with it. The European and U.S. markets were down and the Asian markets are expected to open in similar fashion.

The STI finished slightly lower on Wednesday as losses from the properties and industrials were mitigated by support from the financial sector.

For the day, the index eased 3.03 points or 0.12 percent to finish at 2,525.61 after trading between 2,521.70 and 2,545.52. Volume was 1.32 billion shares worth 1.25 billion Singapore dollars. There were 243 decliners and 182 gainers.

Among the actives, City Developments plummeted 7.21 percent, while Wilmar international plunged 2.08 percent, United Overseas Bank surged 1.48 percent, Mapletree Logistics Trust soared 1.44 percent, Singapore Exchange tanked 1.31 percent, Ascendas REIT tumbled 1.25 percent, Keppel Corp skidded 1.10 percent, CapitaLand retreated 1.09 percent, Dairy Farm International jumped 1.07 percent, Mapletree Commercial Trust declined 1.04 percent, Singapore Press Holdings surrendered 0.99 percent, Thai Beverage climbed 0.87 percent, Genting Singapore sank 0.75 percent, SembCorp Industries dropped 0.70 percent, Singapore Technologies Engineering shed 0.55 percent, CapitaLand Mall Trust lost 0.52 percent, Yangzijiang Shipbuilding fell 0.51 percent, SingTel slid 0.47 percent, Oversea-Chinese Banking Corporation collected 0.46 percent, DBS Group dipped 0.23 percent and SATS, CapitaLand Commercial Trust, Singapore Airlines and Comfort DelGro were unchanged.

The lead from Wall Street is negative as stocks showed a lack of direction on Wednesday, bouncing back and forth across the unchanged line before finally finishing in the red.

The Dow shed 97.97 points or 0.35 percent to finish at 28,210.82, while the NASDAQ lost 31.80 points or 0.28 percent to end at 11,484.69 and the S&P 500 slid 7.56 points or 0.22 percent to close at 3,435.56.

The choppy trading on Wall Street came as traders kept an eye on the latest developments in Washington, as lawmakers try to reach an agreement on a new stimulus bill.

However, Senate Majority Leader Mitch McConnell revealed on Tuesday that he has warned the White House not to make a deal before the elections.

Federal Reserve Governor Lael Brainard urged Congress to pass a new relief bill in a speech at an online conference hosted by the Society of Professional Economists.

Crude oil prices tumbled Wednesday, weighed by concerns over a drop in energy demand following a smaller than expected drop in oil stockpiles and an increase in gasoline inventories. West Texas Intermediate Crude oil futures for December were down $1.67 or 4 percent at $40.03 a barrel.

A Global Asset Management Seoul Korea Magazine

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