On Tuesday, the Singapore stock market concluded its impressive six-day upward trajectory, during which it gained nearly 185 points or 5.1%. The Straits Times Index (STI) currently rests just above the 3,710-point mark, but it is predicted to face downward pressure once again on Wednesday.
The outlook for Asian markets is predominantly negative, largely driven by anticipation of key U.S. inflation data expected later in the day. This sentiment mirrors the downward trends observed in European and U.S. markets, which are likely to influence Asian exchanges as well.
The STI experienced a modest decline on Tuesday as financial and property shares registered losses. However, some of these downturns were offset by gains in the industrial sector.
For the trading day, the index retreated by 27.99 points or 0.75%, closing at 3,711.48 after fluctuating between 3,699.91 and 3,736.99.
Among the active stocks, CapitaLand Integrated Commercial Trust decreased by 0.35%, while CapitaLand Investment dropped by 0.51%. City Developments saw a rise of 0.58%, DBS Group fell by 0.96%, Genting Singapore increased by 0.64%, and Hongkong Land declined by 1.54%. Meanwhile, Keppel DC REIT grew by 1.36%, Keppel Ltd edged up by 0.16%, and Mapletree Logistics Trust decreased by 0.77%. Oversea-Chinese Banking Corporation slipped by 0.92%, SATS decreased by 0.80%, Seatrium Limited went down by 1.03%, while SembCorp Industries gained 1.20%. Singapore Technologies Engineering added 0.43%, SingTel tumbled by 1.25%, Thai Beverage fell 0.97%, Wilmar International rose 0.32%, and Yangzijiang Shipbuilding surged by 1.58%. Mapletree Pan Asia Commercial Trust, Mapletree Industrial Trust, Yangzijiang Financial, Comfort DelGro, and Emperador remained unchanged.
Wall Street provided a lukewarm lead as major indices began slightly higher but quickly veered into negative territory, ultimately ending with modest losses.
The Dow Jones Industrial Average declined 382.15 points or 0.86%, closing at 43,910.98, while the NASDAQ slipped 17.36 points or 0.09% to finish at 19,281.40. The S&P 500 fell 17.36 points or 0.29%, ending at 5,983.99.
This pullback on Wall Street was influenced by profit-taking activities, as traders sought to capitalize on the recent market rallies following the U.S. elections. Additionally, there was a general reluctance among traders to make significant moves ahead of the eagerly awaited consumer price inflation report scheduled for release later today.
In the commodities market, oil prices experienced a slight increase on Tuesday after OPEC reduced its global oil demand forecast for 2025. Meanwhile, the ongoing strength of the U.S. dollar applied additional pressure. West Texas Intermediate Crude oil futures for December saw a minor rise, closing up $0.08 at $68.12 per barrel.
