Continued Consolidation Expected For Singapore Stock Market

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(RTTNews) – The Singapore stock market on Tuesday ended the four-day winning streak in which it had gathered more than 40 points or 1.4 percent. The Straits Times Index now sits just above the 3,110-point plateau and it’s likely in store for further damage on Wednesday.

The global forecast for the Asian markets suggests mild consolidation amid volatility and uncertainty, with crude oil prices offering slight support. The European and U.S. markets were down and the Asian bourses are expected to open in similar fashion.

The STI finished barely lower on Tuesday following losses from the financials and mixed performances from the properties and industrials.

For the day, the index dipped 1.44 points or 0.05 percent to finish at the daily high of 3,112.05 after moving as low as 3,088.70. Volume was 1.6 billion shares worth 1.2 billion Singapore dollars. There were 247 decliners and 205 gainers.

Among the actives, Ascendas REIT fell 0.34 percent, while CapitaLand Integrated Commercial Trust tumbled 0.95 percent, City Developments advanced 0.55 percent, Comfort DelGro climbed 0.65 percent, Dairy Farm International rallied 0.58 percent, DBS Group and SingTel both sank 0.40 percent, Genting Singapore retreated 0.66 percent, Keppel Corp lost 0.38 percent, Mapletree Logistics Trust and Singapore Technologies Engineering both dropped 0.51 percent, Oversea-Chinese Banking Corporation eased 0.09 percent, SATS jumped 0.92 percent, SembCorp Industries surged 1.60 percent, Singapore Airlines declined 0.54 percent, Singapore Exchange soared 1.48 percent, Singapore Press Holdings added 0.51 percent, United Overseas Bank skidded 0.68 percent, Wilmar International gained 0.23 percent, Yangzijiang Shipbuilding spiked 1.45 percent and CapitaLand, Thai Beverage, Mapletree Commercial Trust and Hongkong Land were unchanged.

The lead from Wall Street ends up being negative as the major averages spent all of Tuesday bouncing back and forth across the unchanged line before finally settling slightly in the red.

The Dow dropped 117.72 points or 0.34 percent to finish at 34,378.34, while the NASDAQ dipped 20.28 points or 0.14 percent to close at 14,465.92 and the S&P 500 fell 10.54 points or 0.24 percent to end at 4,350.65.

The choppy trading on Wall Street came as traders expressed uncertainty about the outlook for the markets following the volatility seen throughout early October. Concerns about inflation and the Federal Reserve scaling back stimulus as early as next month also weighed.

Earnings news was also on traders’ minds, with financial giant JPMorgan Chase (JPM) due to report Q3 results later today. Bank of America (BAC), Citigroup (C), Morgan Stanley (MS), Wells Fargo (WFC), and Goldman Sachs (GS) are also due to report their results in the coming days.

Crude oil futures settled slightly higher Tuesday after prices moved up amid speculation the fuel market could get tighter this winter. West Texas Intermediate Crude oil futures for November rose $0.12 or about 0.2 percent at $80.64 a barrel.

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