(RTTNews) – Singapore’s stock market ended lower for three consecutive trading days, losing more than 100 points or 3.3% along the way. The Straits Times Index is now just below the 3,150 point plateau and it should at least reopen under pressure on Wednesday.
Global forecasts for Asian markets suggest volatility amid the ongoing Russian invasion of Ukraine and the resulting spike in crude oil prices. European markets were mixed and flat and US markets were down and Asian exchanges figured to share the difference.
The STI ended sharply lower on Tuesday following losses in financial stocks, real estate stocks and industrials issues.
For the day, the index fell 38.96 points or 1.22% to end at 3,148.86 after trading between 3,128.06 and 3,182.35. The volume was 1.93 billion shares worth S$1.95 billion. There were 390 rejections and 164 winners.
Among assets, Ascendas REIT and City Developments both fell 0.71%, while Comfort DelGro rose 0.74%, Dairy Farm International slipped 1.22%, DBS Group fell 2.13 %, Genting Singapore added 0.66%, Hongkong Land fell 2.10%, Keppel Corp rose 0.17%. %, Mapletree Commercial Trust fell 1.10%, Mapletree Logistics Trust fell 1.68%, Oversea-Chinese Banking Corporation fell 1.39%, SATS jumped 1.84%, SembCorp Industries stumbled down 1.11%, Singapore Airlines lost 2.01%, Singapore Exchange and Wilmar International both lost 0.21%. %, Singapore Technologies Engineering gained 0.50%, United Overseas Bank plunged 2.92%, Yangzijiang Shipbuilding fell 3.45% and CapitaLand Integrated Commercial Trust, Singapore Press Holdings, SingTel and Thai Beverage remained unchanged.
Wall Street’s lead ends up negative as the major averages opened slightly higher on Tuesday but then bounced off the unchanged line, eventually ending in modest losses.
The Dow Jones lost 184.74 points or 0.56% to end at 32,632.64, while the NASDAQ lost 35.41 points or 0.28% to close at 12,795.55 and the S&P 500 lost 30.39 points or 0.72% to end at 4,170.70.
Volatility on Wall Street came as crude oil prices continued to soar when President Joe Biden formally announced a US ban on imports of Russian oil, liquefied natural gas and coal in response to the invasion. unprovoked of Ukraine by Russia.
Crude oil prices rose on Tuesday amid concerns over global oil supplies after Biden announced a ban on imports of Russian energy products. West Texas Intermediate crude oil futures for April ended up $4.30 or 3.6% at $123.70 a barrel.
Gas stations are raising prices alongside soaring oil futures, as AAA said the average price of a gallon of gasoline hit a record high of $4.173. The national average gasoline price rose nearly $0.11 a gallon from yesterday and more than $0.55 a gallon from a week ago.
Rising gasoline prices are expected to weigh on consumer spending in other areas, potentially causing an economic slowdown even as the Federal Reserve prepares to start raising interest rates.
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