Nasdaq Today – Profit Taking Expected For Singapore Stock Market
(RTTNews) – The Singapore stock market has finished higher in six straight sessions, gathering almost 65 points or 2.1 percent along the way. The Straits Times Index now rests just above the 3,190-point plateau although it’s due for consolidation on Wednesday.
The global forecast for the Asian markets is mixed to lower on bond yield concerns and sliding oil prices. The European markets were up and the U.S. bourse were down and the Asian markets are tipped to split the difference.
The STI finished modestly higher on Tuesday following gains from the financial shares and industrials, while the property sector was mixed.
For the day, the index advanced 15.32 points or 0.48 percent to finish at 3,190.89 after trading between 3,187.92 and 3,204.24. Volume was 1.94 billion shares worth 1.45 billion Singapore dollars.
Among the actives, Ascendas REIT perked 0.66 percent, while CapitaLand lost 0.26 percent, CapitaLand Integrated Commercial Trust accelerated 1.40 percent, City Developments and UOL both gained 0.50 percent, Comfort DelGro sank 0.57 percent, Dairy Farm International fell 0.23 percent, DBS Group advanced 0.62 percent, Genting Singapore spiked 1.63 percent, Keppel Corp rallied 1.33 percent, Mapletree Commercial Trust soared 1.90 percent, Mapletree Logistics Trust added 0.52 percent, Oversea-Chinese Banking Corporation collected 0.42 percent, SATS increased 0.23 percent, SembCorp Industries jumped 1.09 percent, Singapore Airlines climbed 1.08 percent, Singapore Exchange eased 0.10 percent, Singapore Technologies Engineering improved 0.26 percent, SingTel rose 0.41 percent, Thai Beverage surged 2.72 percent, United Overseas Bank was up 0.15 percent, Wilmar International gathered 0.73 percent and Yangzijiang Shipbuilding and Singapore Press Holdings were unchanged.
The lead from Wall Street is negative as stocks opened lower on Tuesday, regained some ground as the day progressed but still ended in the red.
The Dow dropped 104.41 points or 0.31 percent to finish at 33,066.96, while the NASDAQ fell 14.25 points or 0.11 percent to end at 13,045.39 and the S&P 500 slipped 12.54 points or 0.32 percent to close at 3,958.55.
The early weakness on Wall Street came as treasury yields extended the strong upward move seen on Monday, weighing on high-growth technology stocks.
The yield on the benchmark ten-year note climbed to its highest level in over a year amid optimism about the coronavirus vaccine rollouts and the economy reopening as well as President Joe Biden‘s infrastructure plan.
In economic news, the Conference Board said consumer confidence skyrocketed more than expected in March, hitting its highest level in a year.
Crude oil prices drifted lower on Tuesday after shipping traffic resumed through the Suez Canal. Traders were also weighing the impact of a surge in coronavirus cases and extended lockdown measures in Europe on near-term energy demand. West Texas Intermediate Crude oil futures for May fell $1.01 or 1.6 percent at $60.55 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.