Singapore stock market set to end its losing streak

(RTTNews) – Singapore’s stock market has fallen in six consecutive sessions, losing more than 125 points or 4.1% along the way. The Straits Times Index is now just above the 3,105 plateau, although it may find some ground on Thursday.

Global forecasts for Asian markets are optimistic, with bargain hunting expected after last week’s brutal selling. European and US markets were up and Asian stock exchanges are expected to follow suit.

The STI ended slightly lower on Wednesday on property losses and mixed performance in financials and industrials.

For the day, the index lost 3.04 points or 0.10% to end at 3,105.85 after trading between 3,104.19 and 3,128.58. The volume was 1.65 billion shares worth S$1.16 billion. There were 273 winners and 224 decliners.

Among assets, Ascendas REIT rose 0.73%, while CapitaLand Integrated Commercial Trust gained 0.47%, CapitaLand Investment fell 0.82%, City Developments jumped 1.89%, Comfort DelGro added 0.72%, DBS Group rose 0.37%, Genting Singapore fell 0.67%, Hongkong The land fell 1.85%, Keppel Corp fell 0.15%, Mapletree Commercial Trust gained 0.57%, Mapletree Industrial Trust was up 0.83%, Mapletree Logistics Trust was up 0.62%, Oversea-Chinese Banking Corporation was up 0.26%, SATS and Wilmar International both lost 0.25%. Singapore Exchange climbed 0.93%, SingTel fell 0.79%, Thai Beverage fell 3.03%, United Overseas Bank and Keppel DC REIT both slipped 0.52%, Yangzijiang Financial fell 1.03%, Yangzijiang Shipbuilding increased 0.52% and Singapore Technologies Engineering, SembCorp Industries, Frasers Logistics and UOL Group were unchanged.

Wall Street’s advance is positive as major averages opened solidly higher on Wednesday and remained in the green throughout the day, ending near session highs.

The Dow Jones climbed 303.70 points or 1.00% to end at 30,668.53, while the NASDAQ jumped 270.81 points or 2.50% to end at 11,099.15 and the S&P 500 jumped 54.51 points or 1.46% to close at 3,789.99.

The Wall Street rally came even as the Federal Reserve announced the largest interest rate hike in nearly 30 years. The Fed raised the target federal funds rate by 75 basis points to 1.50 to 1.75%, marking the biggest rate hike since 1994.

The widely anticipated Fed move comes as a recent Labor Department report showed consumer price inflation hit the fastest annual rate in 40 years. Citing its targets for maximum employment and inflation at a rate of 2% over the long term, the Fed also indicated that further rate hikes would probably be appropriate.

In economic news, the Commerce Department noted an unexpected drop in US retail sales in May, while a separate report showed US import prices rose less than expected. Additionally, the National Association of Home Builders said home builder confidence fell to its lowest level since June 2020.

Crude oil prices fell on Wednesday after data showed rising U.S. oil inventories last week, and the Federal Reserve raised interest rates by 0.75%. West Texas Intermediate crude oil futures fell $2.21 or 1.8% to $116.72 a barrel.

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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