Singapore stock market set to extend losing streak
(RTTNews) – Singapore’s stock market has finished lower in seven consecutive sessions, losing more than 135 points or 4.4% along the way. The Straits Times Index is now just below the 3,100 plateau and is expected to open in the red again on Friday.
Global forecasts for Asian markets suggest further consolidation amid global recession fears. European and American markets ended with heavy losses and the Asian stock market should also open in the red.
The STI ended slightly lower on Thursday on the mixed performance of financials, real estate and industrial stocks.
For the day, the index slipped 8.42 points or 0.27% to end at 3,097.43 after trading between 3,094.57 and 3,150.11. The volume was 1.74 billion shares worth S$1.37 billion. There were 314 refusals and 202 winners.
Among assets, Ascendas REIT lost 0.36%, while CapitaLand Investment gained 0.28%, City Developments improved 0.37%, Comfort DelGro fell 1.43%, DBS Group declined down 0.10%, Genting Singapore slipped 0.67%, Hongkong Land fell 1.05%, Keppel Corp fell. 1.95%, Mapletree Commercial Trust rose 0.56%, Mapletree Industrial Trust gained 0.41%, Oversea-Chinese Banking Corporation rose 0.17%, SATS and Wilmar International both lost 0.25 %, SembCorp Industries fell 1.07%, Singapore Exchange plunged 2.47%, Singapore Technologies Engineering fell 1.26%, SingTel fell 1.20%, Thai Beverage jumped 1.56 %, United Overseas Bank collected 0.11%, Yangzijiang Financial fell 4.17%, Yangzijiang Shipbuilding climbed 1.55% and CapitaLand Integrated Commercial Trust and Mapletree Logistics Trust remained unchanged.
Wall Street’s advance is broadly negative as major averages opened sharply lower on Thursday and remained deep in the red throughout the day, ending near session lows.
The Dow Jones fell 741.46 points or 2.42% to end at 29,927.07, while the NASDAQ plunged 453.06 points or 4.08% to close at 10,646.10 and the S&P 500 fell 123.22 points or 3.25% to end at 3,666.77.
The sell-off on Wall Street reflected fears that aggressive monetary policy by central banks around the world could trigger a global recession.
Following the widely expected 75 basis point interest rate hike from the Federal Reserve on Wednesday, central banks in Switzerland, England and Taiwan, among others, also moved to hike rates.
In economic news, the Labor Department noted a slight decrease in first jobless claims in the United States last week. Additionally, the Commerce Department said new residential construction in the United States plunged more than expected in May.
Oil futures stabilized higher on Thursday after prices rebounded as tight supply levels outweighed worries about the outlook for energy demand. West Texas Intermediate crude oil futures for July ended up $2.27 or 2% at $117.58 a barrel.
Closer to home, Singapore will provide the May figures for non-oil domestic exports, which are expected to rise 1.4% on the month and 7.6% year on year after falling 3.3% on the month. and gained 6.4% year on year in April. The trade surplus in April was SGD 4.280 billion.
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