Singapore Market May Give Up Support At 3,200 Points

The Singapore stock market has fallen lower in three straight trading days, slipping more than 30 points or 1 percent along the way. The Straits Times Index now rests just above the 3,205-point plateau, and it may extend its losses on Wednesday.

The global forecast for the Asian markets predicts mild consolidation thanks to soft economic data and a decline in oil prices. The European and U.S. markets were down and the Asian markets are expected to open in similar fashion.

The STI finished modestly lower on Tuesday following losses from the financials and plantations.

For the day, the index shed 9.76 points or 0.30 percent to finish at 3,204.79 after trading between 3,195.82 and 3,215.71. Volume was 1.1 billion shares worth 612.8 million Singapore dollars. There were 246 decliners and 143 gainers.

Among the actives, Golden Agri-Resources tumbled 1.37 percent, while Thai Beverage skidded 1.18 percent, DBS Group dropped 1.15 percent, United Overseas Bank slipped 1.11 percent, CapitaLand shed 0.57 percent, Global Logistic Properties added 0.34 percent, SingTel gained 0.27 percent and Hutchison Port Holdings, Yangzijiang Shipbuilding and Wilmar International were unchanged.

The lead from Wall Street is negative as stocks moved lower on Tuesday, snapping a long win streak as weakness emerged in the energy and banking sectors.

The Dow shed 50.81 points or 0.24 percent to 21,029.41, while the NASDAQ fell 7.00 points or 0.11 percent to 6,203.19 and the S&P lost 2.91 points or 0.12 percent to 2,412.91.

In economic news, the Conference Board’s Consumer Confidence Index slipped to 117.9 in May, down from 119.4 in April. Also, the Commerce Department said personal income and spending both increased as expected in April.

Crude oil futures were little changed Tuesday, bouncing back from early losses to remain in a tight range near $50 a barrel. July WTI oil was down 14 cents or 0.3 percent to $49.66/bbl.

by RTT Staff Writer

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