Singapore stock market set to extend losing streak

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(RTTNews) – The Singapore stock market ended lower in consecutive sessions, losing nearly 40 points or 1.3% along the way. The Straits Times index is now just above the plateau of 3,320 points and it could take further damage on Wednesday.

The global outlook for Asian markets is broadly negative due to concerns over inflation and Treasury yields. European and American markets were down sharply and Asian stock exchanges should follow suit.

The STI ended slightly lower on Tuesday following losses in financial and industrial stocks, while the real estate sector was mixed.

For the day, the index lost 17.54 points or 0.53% to end at a daily low of 3,322.05 after trading at 3,350.44.

Among assets, Ascendas REIT fell 0.35%, while CapitaLand Integrated Commercial Trust jumped 1.29%, CapitaLand Investment lost 0.49%, City Developments rose 1.18%, Comfort DelGro increased fell 1.33%, Dairy Farm International fell 0.37%, DBS Group fell 1.08%. Genting Singapore fell 0.62%, Hongkong Land climbed 1.09%, Keppel Corp lost 0.45%, Mapletree Industrial Trust fell 1.13%, Mapletree Logistics Trust fell 0.56% , Oversea-Chinese Banking Corporation weakened 0.67%, SATS rose 0.22%, SembCorp Industries fell 1.04%. percent, Singapore Airlines sank 0.54 percent, Singapore Exchange slipped 0.91 percent, Singapore Technologies Engineering fell 2.41 percent, SingTel climbed 2.97 percent, Thai Beverage fell 2.84 percent, United Overseas Bank fell 0.36 percent, Wilmar International fell 3.13 percent, Yangzijiang Shipbuilding fell 2.17 percent and Mapletree Commercial Trust was unchanged.

Wall Street’s advance is brutal as major averages opened lower on Tuesday and losses only accelerated as the day progressed.

The Dow Jones fell 809.28 points or 2.38% to end at 33,240.18, while the NASAQ fell 514.11 points or 3.95% to close at 12,490.74 and the S&P 500 fell 120.92 points or 2.81% to end at 4,175.20.

The sell-off on Wall Street came as high inflation, rising Treasury yields and the ongoing war in Ukraine continued to weigh on investors as they digest the latest earnings news.

In economic news, the Commerce Department said new orders for U.S.-made durable goods rebounded in March. The Commerce Department also noted a sharp drop in US new home sales in March. And the Conference Board reported a slight decline in US consumer confidence in April.

Crude oil prices rose on Tuesday as worries about the outlook for energy demand eased after China’s central bank said it would support small businesses and industries hit by the pandemic. West Texas Intermediate crude oil futures for June ended up $3.16 or 3.2% at $101.70 a barrel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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