The Singapore stock market has experienced a decline for three consecutive sessions, shedding over 210 points or 6.4 percent. The Straits Times Index (STI) currently hovers slightly above the 3,240-point mark and may continue to incur losses on Tuesday.
The outlook for Asian markets remains grim, influenced by persistent concerns regarding the U.S. economy's stability. Both European and U.S. markets saw significant declines on Monday, and Asian markets are predicted to follow a similar trend at the opening. However, this downturn might be exaggerated and could partially reverse as the trading day progresses.
On Monday, the STI faced a substantial decline, driven by apprehensions regarding the health of the U.S. economy. The index fell by 137.78 points, or 4.07 percent, closing at 3,243.67 after fluctuating between 3,211.78 and 3,315.95.
Key active stocks showed the following movements:
- **CapitaLand Integrated Commercial Trust** fell 2.82%
- **CapitaLand Investment** dropped 4.46%
- **City Developments** and **Comfort DelGro** both decreased by 2.84%
- **DBS Group** plummeted 5.78%
- **Genting Singapore** declined 4.17%
- **Hongkong Land** rallied 1.56%
- **Keppel DC REIT** was down 0.98%
- **Keppel Ltd** fell 3.38%
- **Mapletree Pan Asia Commercial Trust** shed 2.31%
- **Mapletree Industrial Trust** decreased 2.19%
- **Mapletree Logistics Trust** dropped 3.01%
- **Oversea-Chinese Banking Corporation** tanked 5.27%
- **SATS** plummeted 6.48%
- **Seatrium Limited** dipped 1.34%
- **SembCorp Industries** sank 2.38%
- **Singapore Technologies Engineering** retreated 4.09%
- **SingTel** slid 1.36%
- **Thai Beverage** fell 2.00%
- **Wilmar International** slumped 3.13%
- **Yangzijiang Financial** tumbled 4.41%
- **Yangzijiang Shipbuilding** crashed 8.00%
- **Emperador** remained unchanged
Wall Street also experienced a severe decline, with major averages opening significantly lower on Monday and maintaining that trajectory throughout the day. The Dow Jones Industrial Average plummeted by 1,033.99 points, or 2.60 percent, to close at 38,703.27. The NASDAQ Composite dropped by 576.08 points, or 3.43 percent, finishing at 16,200.08, while the S&P 500 fell by 160.23 points, or 3.00 percent, to end at 5,186.33.
The continued weakness on Wall Street is attributed to concerns that the U.S. economy might enter a recession, following a disappointing jobs report released last Friday. However, stocks regained some ground after the Institute for Supply Management released a report indicating positive service sector activity in the U.S. for July.
In the commodities market, oil futures were lower on Monday due to worries about declining demand amid fears of a potential U.S. economic recession. West Texas Intermediate Crude oil futures for September fell by $0.58, or 0.7 percent, to settle at $72.94 per barrel.
