Singapore Stock Market Set to See Continued Consolidation

(RTTNews) – Singapore’s stock market ended a six-game winning streak on Thursday in which it had improved by almost 95 points or 2.8%. The Straits Times Index is now just below the 3,410 plateau and could take further damage on Friday.

The global outlook for Asian markets is weak, with oil and technology stocks expected to lead lower. European and American markets were down and Asian exchanges are expected to open similarly.

The STI ended sharply lower on Thursday following losses in financial stocks, real estate stocks and industrials issues.

For the day, the index fell 34.09 points or 0.99% to end at a daily low of 3,408.52 after peaking at 3,449.53. The volume was 1.48 billion shares worth S$1.4 billion. There were 270 rejections and 203 winners.

Among assets, Ascendas REIT fell 0.68%, while CapitaLand Integrated Commercial Trust fell 1.32%, City Developments fell 1.50%, Dairy Farm International and Jardine Cycle both rose 0 .36%, DBS Group weakened 0.83%, Genting Singapore fell 1.21%, Hongkong Land fell 2.78%, Keppel Corp slipped 1.08%, Mapletree Commercial Trust fell 1.56%, Mapletree Logistics Trust fell 1.07%, Oversea-Chinese Banking Corporation lost 0.56%, SATS slipped 0.46%, SembCorp Industries fell 1.48%, Singapore Exchange increased by 0.81%. Singapore Technologies Engineering fell 0.48%, SingTel fell 0.75%, Thai Beverage gained 0.70%, United Overseas Bank fell 0.90%, Wilmar International fell 2.69%, Yangzijiang Shipbuilding fell 0.65% and Singapore Airlines, Singapore Press Holdings and Comfort DelGro were unchanged.

Wall Street’s lead is negative as major averages opened lower on Thursday and losses accelerated as the session progressed, ending solidly in the red.

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

Selling pressure increased significantly in the final hour of the last trading day of the quarter, which marked the first negative quarter for large averages since the first quarter of 2020.

In the first three months of 2022, the Nasdaq fell 9.1% and the S&P 500 and Dow plunged 4.9% and 4.6%, respectively, although major averages regained ground in March.

Traders may also have sought safer havens ahead of the release of the Labor Department’s closely watched monthly jobs report later in the day.

Crude oil prices fell on Thursday after US President Joe Biden authorized the release of 1 million barrels of oil per day from the country’s strategic petroleum reserve for the next six months. West Texas International crude oil futures for May ended down $7.54 or 7% 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.


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