Renewed Consolidation Anticipated For Singapore Stock Market

(RTTNews) – The Singapore stock market bounced higher again on Wednesday, one day after snapping the five-day winning streak in which it had advanced more than 120 points or 3.9 percent. The Straits Times Index now sits just beneath the 3,365-point plateau although it figures to head south again on Thursday.

The global forecast for the Asian markets is soft, with technology stocks and financials in particular likely targeted for profit taking. The European and U.S. markets were down and the Asian bourses are tipped to open in similar fashion.

The STI finished modestly higher on Wednesday following gains from the properties and mixed performances from the financials and industrials.

For the day, the index improved 14.09 points or 0.42 percent to finish at 3,364.26 after trading between 3,357.48 and 3,370.80. Volume was 1.6 billion shares worth 1.4 billion Singapore dollars. There were 292 gainers and 186 decliners.

Among the actives, Ascendas REIT was down 0.34 percent, while CapitaLand Integrated Commercial Trust slumped 0.46 percent, City Developments was up 0.13 percent, Dairy Farm International spiked 1.17 percent, DBS Group collected 0.40 percent, Genting Singapore soared 1.27 percent, Hongkong Land strengthened 0.61 percent, Mapletree Logistics Trust lost 0.55 percent, Oversea-Chinese Banking Corporation and Singapore Airlines both advanced 0.58 percent, SATS perked 0.25 percent, SembCorp Industries fell 0.38 percent rose 0.25 percent, Singapore Exchange increased 0.31 percent, Singapore Press Holdings added 0.43 percent, Singapore Technologies Engineering perked 0.24 percent, SingTel skidded 0.77 percent, Thai Beverage jumped 0.74 percent, United Overseas Bank sank 0.72 percent, Wilmar International gained 0.41 percent, Yangzijiang Shipbuilding surged 1.43 percent and Keppel Corp, Mapletree Commercial Trust and Comfort DelGro were unchanged.

The lead from Wall Street is soft as the major averages opened lower on Wednesday and remained that way largely throughout the session.

The Dow tumbled 448.96 points or 1.29 percent to finish at 34,358.50, while the NASDAQ dropped 186.21 points or 1.32 percent to close at 13,922.60 and the S&P 500 sank 55.37 points or 1.23 percent to end at 4,456.24.

Lingering concerns about the ongoing war in Ukraine have contributed to the pullback on Wall Street along with a spike by the price of crude oil. U.S. President Joe Biden is expected to impose further sanctions on Russia during his trip to Europe this week.

Traders also were cashing in on recent strength in the markets, as stocks moved notably higher in five out of the six previous sessions, although they may be wary of continuing to buy stocks amid worries about the Russia-Ukraine crisis, inflation and higher interest rates.

Crude oil futures settled at over two-week highs on Wednesday, lifted by data showing a drop in U.S. crude inventories and worries about supply disruptions due to the ongoing Russian invasion of Ukraine. West Texas Intermediate Crude oil futures for May ended higher by $5.66 or 5.2 percent at $114.93 a barrel.

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