Singapore Stock Market Likely To See Continued Consolidation

(RTTNews) – The Singapore stock market on Thursday snapped the six-day winning streak in which it had improved almost 95 points or 2.8 percent. The Straits Times Index now sits just beneath the 3,410-point plateau and it may take further damage on Friday.

The global forecast for the Asian markets is soft, with oil and technology stocks expected to lead the way lower. The European and U.S. markets were down and the Asian bourses are tipped to open in similar fashion.

The STI finished sharply lower on Thursday following losses from the financial shares, property stocks and industrial issues.

For the day, the index dropped 34.09 points or 0.99 percent to finish at the daily low of 3,408.52 after peaking at 3,449.53. Volume was 1.48 billion shares worth 1.4 billion Singapore dollars. There were 270 decliners and 203 gainers.

Among the actives, Ascendas REIT dropped 0.68 percent, while CapitaLand Integrated Commercial Trust declined 1.32 percent, City Developments tumbled 1.50 percent, Dairy Farm International and Jardine Cycle both improved 0.36 percent, DBS Group weakened 0.83 percent, Genting Singapore retreated 1.21 percent, Hongkong Land plummeted 2.78 percent, Keppel Corp skidded 1.08 percent, Mapletree Commercial Trust tanked 1.56 percent, Mapletree Logistics Trust stumbled 1.07 percent, Oversea-Chinese Banking Corporation lost 0.56 percent, SATS slid 0.46 percent, SembCorp Industries surrendered 1.48 percent, Singapore Exchange advanced 0.81 percent, Singapore Technologies Engineering fell 0.48 percent, SingTel sank 0.75 percent, Thai Beverage gained 0.70 percent, United Overseas Bank slumped 0.90 percent, Wilmar International plunged 2.69 percent, Yangzijiang Shipbuilding shed 0.65 percent and Singapore Airlines, Singapore Press Holdings and Comfort DelGro were unchanged.

The lead from Wall Street is negative as the major averages opened lower on Thursday and the losses accelerated as the session progressed, finishing solidly in the red.

The Dow plummeted 550.46 points or 1.56 percent to finish at 34,678.35, while the NASDAQ plunged 221.76 points or 1.54 percent to close at 14,220.52 and the S&P 500 tumbled 72.04 points or 1.57 percent to end at 4,530.41.

Selling pressure picked up considerably in the final hour of the last trading day of the quarter, which marked the first negative quarter for the major averages since the first quarter of 2020.

For the first three months of 2022, the Nasdaq plummeted by 9.1 percent and the S&P 500 and Dow dove by 4.9 percent and 4.6 percent, respectively, although the major averages regained some ground in March.

Traders may also have been looking to safer havens ahead of the release of the Labor Department’s closely watched monthly employment report later today.

Crude oil prices drifted plummeted on Thursday after U.S. President Joe Biden authorized the release of 1 million barrels of oil per day from the nation’s Strategic Petroleum Reserve for the next six months. West Texas International Crude oil futures for May ended lower by $7.54 or 7 percent at $100.28 a barrel, the lowest close since March 16.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Jinggo B Danuarta

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