The rally may stall for the Singapore stock market
(RTTNews) – Singapore’s stock market rose in two consecutive sessions, rallying nearly 25 points or 0.8% along the way. The Straits Times Index now sits just below the 2,975 point plateau, although it may run out of steam on Wednesday.
Global forecasts for Asian markets are mixed to lower due to downward pressure on crude oil, while profit taking could also be on the agenda. European markets were up and US stock markets were down and Asian markets are expected to follow this latest trend.
The STI barely finished higher on Tuesday, as the gains of the Jardine group were offset by weakness in financials.
For the day, the index rose 0.87 points or 0.03% to end at 2,973.87 after trading between 2,970.92 and 3,000.06. The volume was 2.75 billion shares worth S $ 1.6 billion. There were 304 decline and 206 winners.
Among assets, Ascendas REIT grew 0.58%, while CapitaLand Integrated Commercial Trust jumped 0.96%, City Developments fell 1.59%, Comfort DelGro fell 1.84%, Dairy Farm International lost 0.92%, DBS Group and Genting Singapore both lost 0.59%, Jardine Strategic Holdings jumped 5.01%, Jardine Cycle 4.01%, Keppel Corp 1.18%, Mapletree Commercial Trust lost 0.49%, Mapletree Logistics Trust gained 0.54%, Oversea-Chinese Banking Corporation fell 0.09%, SATS fell 1.79%, Singapore Airlines fell 1.15 %. , Singapore Exchange fell 0.70%, Singapore Press Holdings fell 1.56%, Singapore Technologies Engineering rose 0.26%, SingTel fell 0.43%, Thai Beverage slipped 1.36 %, United Overseas Bank fell 0.68%, Wilmar International and Yangzijiang Shipbuilding both fell 0.93% and CapitaLand and SembCorp Industries were unchanged.
Wall Street’s lead is negative as major averages opened lower on Tuesday and remained mostly in the red throughout the session.
The Dow Jones lost 143.99 points or 0.46% to end at 31,391.52, while the NASDAQ fell 230.04 points or 1.69% to end at 13,358.79 and the S&P 500 fell. lost 31.53 points or 0.81% to close at 3,870.29.
Profit-taking aided Wall Street’s pullback as some traders took advantage of Monday’s strong gains.
The weakness came despite a continued decline in the yield on the ten-year benchmark, which fell for the third consecutive session, easing concerns about the outlook for interest rates.
Crude oil prices fell on Tuesday ahead of the next OPEC meeting which could see the group ramp up production. West Texas Intermediate crude oil futures for April ended down $ 0.89 or 1.5% at $ 59.75 a barrel.
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