Singapore Stock Market Poised To Snap Losing Streak

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(RTTNews) – The Singapore stock market has finished lower in five straight sessions, sinking almost 30 points or 1.2 percent along the way. The Straits Times Index now sits just above the 2,480-point plateau although it may find traction on Tuesday.

The global forecast for the Asian markets is mixed to higher, with strength from the technology stocks likely capped by weakness from the oil companies. The European markets were mixed and the U.S. bourses were sharply higher and the Asian markets figure to split the difference.

The STI finished modestly lower on Monday following losses from the financial shares and mixed performances from the properties and industrials.

For the day, the index dipped 7.54 points or 0.30 percent to finish at 2,482.55 after trading between 2,481.45 and 2,494.24.

Among the actives, CapitaLand Commercial Trust surged 2.38 percent, while CapitaLand Mall Trust soared 2.03 percent, Singapore Airlines plummeted 1.40 percent, Ascendas REIT plunged 1.22 percent, Wilmar international tanked 1.19 percent, SATS tumbled 1.03 percent, SingTel skidded 0.89 percent, SembCorp Industries jumped 0.85 percent, Thai Beverage retreated 0.83 percent, Genting Singapore declined 0.74 percent, CapitaLand surrendered 0.73 percent, Comfort DelGro sank 0.67 percent, Yangzijiang Shipbuilding dropped 0.52 percent, Mapletree Commercial Trust shed 0.50 percent, Mapletree Logistics Trust lost 0.49 percent, Keppel Corp fell 0.48 percent, Singapore Technologies Engineering slid 0.29 percent, DBS Group dipped 0.24 percent, Oversea-Chinese Banking Corporation slipped 0.23 percent, United Overseas Bank eased 0.15 percent, Singapore Exchange rose 0.12 percent and Hongkong Land Holdings, City Development and Singapore Press Holdings were unchanged.

The lead from Wall Street is broadly positive as stocks showed a strong move to the upside on Monday, regaining some ground after taking heavy damage last week.

The Dow spiked 327.69 points or 1.18 percent to finish at 27,993.33, while the NASDAQ jumped 203.11 points or 1.25 percent to end at 11,056.65 and the S&P 500 gained 42.57 points or 1.27 percent to close at 3,383.54.

The rally on Wall Street partly reflected a rebound by technology stocks, which recovered after leading the markets lower last week. Apple (AAPL) has been a key driver of the markets in recent sessions and advanced by 3 percent after ending the previous session at its lowest closing level in a month.

Positive sentiment was also generated in reaction to news that AstraZeneca (AZN) has resumed a late-stage clinical trial of its coronavirus vaccine.

Crude oil futures settled lower Monday, extending recent losses amid rising concerns about outlook for energy demand after OPEC lowered its oil demand forecast. West Texas Intermediate Crude oil futures for October ended down $0.07 or 0.2 percent at $37.26 a barrel.

A Global Asset Management Seoul Korea Magazine

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