Renewed Consolidation Called For Singapore Stock Market

The Singapore stock market on Thursday ended the four-day slide in which it had surrendered almost 30 points or 0.9 percent. The Straits Times Index now rests just beneath the 3,325-point plateau although it figures to head south again on Friday.

The global forecast for the Asian markets is broadly negative as tensions continue to escalate between North Korea and the United States. The European and U.S. markets were down and the Asian markets are expected to follow suit.

The STI finished slightly higher on Thursday as gains from the financials were limited by weakness from the properties and a mixed performance from the industrials.

For the day, the index added 5.16 points or 0.16 percent to finish at 3,323.24 after trading between 3,316.56 and 3,342.80. Volume was 3 billion shares worth 1.8 billion Singapore dollars. There were 314 decliners and 168 gainers.

Among the actives, Yangzijiang Shipbuilding spiked 2.57 percent, while CapitaLand tumbled 1.86 percent, Golden Agri-Resources climbed 1.33 percent, SembCorp dropped 1.28 percent, DBS Group jumped 1.14 percent, City Developments skidded 1.10 percent, Hutchison Port Holdings retreated 1.08 percent, Oversea-Chinese Banking Corporation and United Overseas Bank both collected 1.07 percent, Thai Beverage shed 1.05 percent and SingTel fell 0.27 percent.

The lead from Wall Street is weak as stocks moved sharply lower on Thursday as the NASDAQ and S&P 500 fell to their lowest closing levels in a month.

The Dow lost 204.69 points or 0.9 percent to 21,844.01, while the NASDAQ fell 135.46 points or 2.1 percent to 6,216.87 and the S&P dipped 35.81 points or 1.5 percent to 2,438.21.

Geopolitical concerns continued to weigh amid escalating tensions between the U.S. and North Korea. President Trump further ratcheted up the rhetoric, suggesting that his “fire and fury” comments may not have been tough enough.

In economic news, the Labor Department noted an unexpected drop in U.S. producer prices in July, while a separate report…

Read the full article from the Source…

Back to Top