(RTTNews) – Singapore’s stock market has fallen over consecutive trading days, losing nearly 10 points or 0.3% along the way. The Straits Times Index now sits just above the 3,225 point plateau, although it is expected to gain ground on Thursday.
Global forecasts for Asian markets are stable to higher due to easing concerns about Treasury yields and a rebound in tech stocks. European markets were mixed and US stock markets were mostly higher and Asian markets should follow suit.
The STI finished barely lower on Wednesday as losses in financial stocks were offset by support from manufacturers.
For the day, the index fell 0.38 points or 0.01% to end at 3,227.15 after trading between 3,226.56 and 3,239.84. The volume was 1.64 billion shares worth S $ 1.03 billion. There were 243 winners and 210 losers.
Among assets, Ascendas REIT grew 0.66%, while City Developments climbed 1.13%, Comfort DelGro 0.67%, Dairy Farm International jumped 0.95%, DBS Group was down 0.03%, Keppel Corp gained 0.56%, Mapletree Commercial Trust climbed 0.94%, Mapletree Logistics Trust plunged 2.05%, SATS fell 0.49%, SembCorp Industries added 0 , 50%, Singapore Exchange and United Overseas Bank both lost 0.43%, Singapore Press Holdings rose 0.43%, Wilmar International fell 0.46%, Yangzijiang Shipbuilding jumped 2.31 % and Genting Singapore, CapitaLand Integrated Commercial Trust, Singapore Technologies Engineering, Thai Beverage, Oversea-Chinese Banking Corporation, Singapore Airlines and SingTel remained unchanged.
Wall Street’s lead is cautiously bullish as the major averages opened sharply lower on Wednesday, but recovered as the day wore on, with the NASDAQ and S&P 500 managing to finish higher while the Dow edged down. barely finished in the red.
The Dow Jones lost 9.42 points or 0.03% to close at 35,804.38, while the NASDAQ jumped 70.09 points or 0.44% to close at 15,845.23 and the S&P 500 a increased 10.76 points or 0.23% to end at 4,701.46.
Wall Street’s initial weakness came against a backdrop of continuously rising US Treasury yields, with the ten-year benchmark bond yield hitting its highest intraday level in six months. Yields did show a notable drop over the trading day, however, contributing to Wall Street’s rebound.
A Department of Labor report last week showing the first jobless claims in the United States slipped to their lowest level in more than fifty years helped push up yields.
In addition, the Commerce Department noted an unexpected drop in durable goods orders but an increase in new home sales in October, while personal income and spending both increased more than expected during the month.
Crude oil futures stabilized slightly lower on Wednesday after data showed a modest increase in US crude inventories last week. West Texas Intermediate crude oil futures ended down $ 0.11 or 0.14% at $ 78.39 a barrel.
Closer to home, Singapore will provide third quarter current account data later today; in the previous three months, the current account surplus was $ 25.64 billion.
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