The Singapore stock market has tracked higher in consecutive trading days, collecting almost 25 points or 0.8 percent along the way. The Straits Times Index now sits just beneath the 3,110-point plateau although it may run out of steam on Wednesday.
The global forecast for the Asian markets suggests mild consolidation, thanks to sliding crude oil prices and coronavirus concerns. The European markets were down and the U.S. bourses were mixed and the Asian markets figure to split the difference.
The STI finished slightly higher on Tuesday following mixed performances from the financial shares and property stocks.
For the day, the index added 7.45 points or 0.24 percent to finish at the daily high of 3,108.53 after moving as low as 3,084.41. Volume was 1.82 billion shares worth 898.8 million Singapore dollars. There were 249 gainers and 215 decliners.
Among the actives, Ascendas REIT lost 0.32 percent, while CapitaLand plunged 0.98 percent, CapitaLand Integrated Commercial Trust and Mapletree Commercial Trust both dropped 0.48 percent, City Developments tanked 0.87 percent, Comfort DelGro plummeted 1.23 percent, Dairy Farm International soared 1.41 percent, DBS Group rose 0.07 percent, Hongkong Land skyrocketed 12.62 percent, SATS sank 0.50 percent, Singapore Airlines tumbled 0.79 percent, Singapore Exchange shed 0.39 percent, Singapore Press Holdings declined 0.51 percent, Singapore Technologies Engineering retreated 0.52 percent, Thai Beverage skidded 0.74 percent, United Overseas Bank eased 0.08 percent, Yangzijiang Shipbuilding climbed 0.62 percent and Wilmar International, Mapletree Logistics Trust. Genting Singapore, Keppel Corp, SembCorp Industries, Oversea-Chinese Banking Corporation and SingTel were unchanged.
The lead from Wall Street is mixed as Dow and S&P opened in the red on Tuesday and finished the same way, while the NASDAQ opened slightly higher and managed to hold on to slim gains for a fresh record high.
The Dow dropped 269.09 points or 0.76 percent to finish at 35,100.00, while the NASDAQ added 10.81 points or 0.07 percent to close at 15,374.33 and the S&P 500 fell 15.40 points or 0.34 percent to end at 4,520.03.
The mixed open on Wall Street resulted in a cautious session with investors weighing the likely impact of surging coronavirus of the Delta variant on the pace of economic recovery.
Crude oil futures settled notably lower on Tuesday amid renewed worries about the outlook for energy demand due to continued surge in coronavirus cases in several countries. The drop in prices was also due to Saudi Arabia’s decision to slash crude prices for Asia. West Texas Intermediate Crude oil futures for October ended down $0.94 or 1.4 percent at $68.35 a barrel.
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