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FX.co ★ Singapore Bourse May Take Further Damage On Thursday

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typeContent_19130:::2024-09-26T01:02:00

Singapore Bourse May Take Further Damage On Thursday

The Singapore stock market has experienced declines for two consecutive trading days, shedding more than 55 points, or 1.5 percent. The Straits Times Index (STI) now hovers just above the 3,580-point mark and appears poised for further losses on Thursday.

The global outlook for Asian markets is predominantly negative, with many of the overbought regional exchanges likely to engage in profit-taking. Both European and U.S. markets were mostly down, suggesting that Asian markets may follow suit.

On Wednesday, the STI closed significantly lower, driven by losses in the property sector and mixed performances from financial and industrial stocks.

The index dropped 40.04 points, or 1.11 percent, to close at 3,582.70, after fluctuating between 3,573.49 and 3,621.06 throughout the day.

Notable movements among active stocks included: CapitaLand Integrated Commercial Trust down 0.47 percent, CapitaLand Investment declining 1.33 percent, City Developments falling 1.30 percent, DBS Group sliding 1.18 percent, and DFI Retail plunging 4.43 percent. Meanwhile, Emperador gained 1.15 percent, Hongkong Land fell 1.90 percent, Keppel DC REIT dipped 0.45 percent, Keppel Ltd decreased 0.30 percent, and Mapletree Pan Asia Commercial Trust rose 0.68 percent. Additional losses were seen in Mapletree Industrial Trust (down 1.61 percent), Oversea-Chinese Banking Corporation (down 1.48 percent), SATS (down 0.56 percent), and Singapore Technologies Engineering (down 1.08 percent). Conversely, Wilmar International edged up 0.32 percent and Yangzijiang Financial jumped 1.45 percent, while Yangzijiang Shipbuilding dropped 1.87 percent. Stocks such as Genting Singapore, Comfort DelGro, Thai Beverage, and Mapletree Logistics Trust remained unchanged.

Wall Street offered a weak lead, as major averages started mixed on Wednesday but generally trended downward, ending mostly in the red.

The Dow Jones Industrial Average dropped 293.47 points, or 0.70 percent, to close at 41,914.75. The NASDAQ slightly increased by 7.68 points, or 0.04 percent, to finish at 18,082.21, while the S&P 500 dipped 10.67 points, or 0.19 percent, to end at 5,722.26.

The mixed results on Wall Street were attributed to trader uncertainty about the markets' near-term outlook following their recent strength, which had sent both the Dow and the S&P 500 to record highs.

In economic developments, the Commerce Department reported a sharp decline in new home sales for August. Further data, including weekly jobless claims, durable goods orders, and personal income and spending, are expected later in the week. Additionally, a speech from Federal Reserve Chair Jerome Powell is highly anticipated.

Oil prices took a steep dive on Wednesday, amid uncertainty about demand and reduced concerns over supply disruptions in Libya. West Texas Intermediate Crude oil futures for November dropped $1.87, or 2.6 percent, to settle at $69.69 a barrel.

Closer to home, Singapore is slated to release industrial production figures for August later today, following a 10.1 percent increase month-on-month and a 1.8 percent rise year-on-year in July.

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