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Singapore stock market may find support on Tuesday

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(RTTNews) — The Singaporean stock market has fallen in back-to-back trading days, dropping more than 20 points, or 0.7 percent, along the way. The Straits Times Index is now below the plateau of 3,140 points although it may quit the bleeding on Tuesday. The global outlook for Asian markets is murky, with little movement expected among ongoing concerns over Covid-19. European markets were mixed and flat and US bourses were a little higher and Asian markets were to split the difference.

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The STI ended slightly lower on Monday following losses from financial stocks, real estate stocks and industrial issues.

The index lost for the day 18.08 points, or 0.57 percent, to close at 3138.97, following trading between 3127.78 and 3160.44. Trading volume was 1.44 billion shares, valued at 1.01 billion Singapore dollars. The number of losers was 285, and 229 gainers were among the active stocks, Ascendas REIT fell 0.33%, CapitaLand rose 0.50%, CapitaLand Integrated Commercial Trust and SembCorp Industries shed 0.48%, City Developments shed 0.29%, and the Comfort DelGro down 1.27%, Dairy Farm International shed 0.74%, and DBS Group down. It declined 0.70 percent, Singapore’s Genting lost 0.61 percent, Cable Corp tumbled 0.94 percent, MapleTree Commercial Trust shed 0.93 percent, MapleTree Logistics Trust shed 0.95 percent, China Offshore Banking Corp declined 1.07 percent, and Shares of China Offshore Banking Inc rose 1.07 percent. SATS 1.81 percent, and Singapore Airlines rose 1.83 percent. The Singapore Stock Exchange advanced 0.85 percent, Singapore Press Holdings rose 0.54 percent, Singapore Engineering Technologies fell 0.25 percent, Sing Tel fell 0.89 percent, Tai Beverages fell 0.76 percent, and United Overseas Bank fell 0.46 percent, Wilmar International fell 1.55 percent, and Yangzhijiang Shipbuilding fell 2.13 percent.

Driving from Wall Street points to a temperate upside as the major averages pulled back from a weak begin on Monday, gradually rising throughout the day to close at unused record closing highs.

The Dow Jones index rose 82.76 points, or 0.24 percent, to close at 35,144.31, while the Nasdaq rose 3.72 points, or 0.03 percent, to close at 16,565.31, and the Standard & Poor’s 500 rose 10.51 points, or 0.24 percent, to close at 4422.30.

The choppy trading on Wall Street came at a time when upbeat earnings news escalated with concerns about the spread of novel coronavirus variants.

Traders may also be unwilling to take significant steps ahead of the Federal Reserve’s monetary policy announcement on Wednesday. The Fed is expected to leave rates unchanged, but traders will be paying close attention to any comments regarding the asset purchase program.

In economic news, the Commerce Department showed another sharp drop in unused home sales in June.

Crude oil futures settled lower on Monday amid concerns about the outlook for energy demand due to the rapid spread of the delta variant of the coronavirus in many countries around the world. West Texas Intermediate crude futures for September ended down $0.16, or 0.2 percent, at $71.91 a barrel following four successive days of gains.

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


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