Singapore Bourse May Find Traction On Wednesday

By On July 24, 2018

Singapore Bourse May Find Traction On Wednesday

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(RTTNews.com) - The Singapore stock market has moved lower in consecutive trading days, sliding more than 5 points or 0.02 percent along the way. The Straits Times Index now rests just above the 3,290-point plateau although it may stop the bleeding on Wednesday.

The global forecast for the Asian markets is cautiously optimistic thanks to solid earnings news and a bump in crude oil prices. The European markets were up and the U.S. markets were mixed and the Asian bourses figure to split the difference.

The STI finished barely lower on Tuesday following mixed performances from the financials, properties and industrials.

For the day, the index eased 1.06 points or 0.03 percent to finish at 3,292.65 after trading between 3,286.43 and 3,308.42. Volume was 1.63 billion shares worth 1.1 billion Singapore dollars. There were 219 gainers and 169 decliners.

Among the actives, Yangzijiang Shipbuilding surged 6.94 percent, while Hutchison Port Holdings tumbled 1.82 percent, CapitaLand Mall Trust spiked 1.37 percent, Thai Beverage skidded 1.33 percent, SembCorp Industries jumped 1.14 percent, Comfort DelGro dropped 0.86 percent, Oversea-Chinese Banking Corporation collected 0.71 percent, CapitaLand shed 0.62 percent, DBS Group climbed 0.62 percent, SingTel fell 0.60 percent, Keppel Corp gained 0.29 percent, United Overseas Bank lost 0.23 percent and Singapore Press Holdings, Golden Agri-Resources, Genting Singapore and Wilmar International were unchanged.

The lead from Wall Street is mixed as stocks opened higher Tuesday and mainly stayed that way, although the NASDAQ gave ground to finish in the red.

The Dow added 197.65 poin ts or 0.79 percent to 25,241.94, while the NASDAQ fell 1.10 points or 0.01 percent to 7,840.77 and the S&P 500 gained 13.42 points or 0.48 percent to 2,820.40.

The early strength was the results of positive earnings news - particularly from Google parent Alphabet (GOOGL) and drug giant Eli Lilly (LLY).

Trading activity was somewhat subdued, however, with a lack of major U.S. economic data keeping traders on the sidelines.

Crude oil futures ended higher on Tuesday, as concerns about possible supply shortage resurfaced due to rising tension between the U.S. and Iran. Crude oil futures for September delivery settled at $68.52 a barrel, gaining $0.63 or 0.9 percent on the New York Mercantile Exchange.

Closer to home, Singapore will provide June data for industrial production later today; in May, output was up 0.4 percent on month and 11.1 percent on year.

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This article appears in: Politics , World Markets , US Markets , Stocks Referenced Symbols: CLLDY ,Source: Google News Singapore | Netizen 24 Singapore

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