(RTTNews) – The Singapore stock market has moved lower in three straight sessions, falling almost 180 points or 3.5 percent along the way. The Straits Times Index now sits just above the 4,960-point plateau although it’s expected to move back to the upside on Tuesday.
The global forecast for the Asian markets is cautiously optimistic on bargain hunting, with support expected especially among the technology and oil sectors. The European markets were soft and the U.S. bourse were mostly higher and the Asian markets figure to follow the latter lead.
The STI finished sharply lower on Monday with damage in every sector, especially the financials and industrials.
For the day, the index retreated 86.29 points or 1.71 percent to finish at 4,963.67 after trading between 4,952.66 and 4,996.40.
Among the actives, CapitaLand Ascendas REIT eased 0.40 percent, while CapitaLand Investment and Mapletree Pan Asia Commercial Trust both dipped 0.79 percent, City Developments declined 1.79 percent, DBS Group slumped 1.60 percent, DFI Retail Group dropped 1.56 percent, Genting Singapore slid 0.81 percent, Hongkong Land contracted 1.63 percent, Keppel DC REIT shed 1.31 percent, Keppel Ltd lost 1.23 percent, Mapletree Industrial Trust was down 0.52 percent, Oversea-Chinese Banking Corporation tanked 2.26 percent, SATS cratered 3.26 percent, Seatrium Limited gave up 0.50 percent, SembCorp Industries slipped 1.14 percent, Singapore Airlines skidded 1.58 percent, Singapore Exchange sank 1.38 percent, Singapore Technologies Engineering plummeted 2.48 percent, SingTel retreated 1.86 percent, Thai Beverage fell 1.16 percent, United Overseas Bank nosedived 1.97 percent, UOL Group surrendered 2.00 percent, Wilmar International plunged 2.33 percent, Yangzijiang Shipbuilding crashed 2.82 percent and CapitaLand Integrated Commercial Trust and Mapletree Logistics Trust were unchanged.
The lead from Wall Street suggests mild upside as the major averages opened higher on Monday but faded as the day progressed, with the Dow slipping into the red.
The Dow shed 80.77 points or 0.16 percent to finish at 50,786.01, while the NASDAQ jumped 220.23 points or 0.86 percent to close at 25,929.66 and the S&P 500 added 21.99 points or 0.30 percent to end at 7,405.73.
The rebound on Wall Street comes amid bargain hunting following last Friday’s plunge, which dragged the tech-heavy NASDAQ down to its lowest closing level in a month.
The upside may be limited by growing concerns about the outlook for interest rates, as last week’s robust U.S. jobs report led traders to ramp up bets on a Federal Reserve rate hike this year.
Crude oil prices edged higher on Monday as delays in the reopening the Strait of Hormuz persists. West Texas Intermediate crude for July delivery was up $0.52 or 0.57 percent at $91.06 per barrel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
