Losing Streak May Continue For Singapore Stock Market

(RTTNews) - The Singapore stock market has finished lower in back-to-back sessions, sinking more than 30 points or 0.7 percent along the way. The Straits Times Index now sits just above the 4,440-point plateau and it may take further damage on Friday.

The global forecast for the Asian markets is weak on waning optimism over the outlook for interest rates. 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 Thursday following losses from the financial shares, property stocks and industrial issues.

For the day, the index shed 15.80 points or 0.35 percent to finish at 4,440.50 after trading between 4,436.22 and 4,453.63.

Among the actives, CapitaLand Ascendas REIT tanked 1.04 percent, while CapitaLand Integrated Commercial Trust shed 0.42 percent, CapitaLand Investment declined 0.74 percent, City Developments and Yangzijiang Financial both tumbled 0.84 percent, Comfort DelGro improved 0.68 percent, DBS Group slumped 0.66 percent, DFI Retail Group jumped 1.49 percent, Genting Singapore advanced 0.69 percent, Hongkong Land plummeted 2.60 percent, Keppel Ltd skidded 0.65 percent, Mapletree Industrial Trust sank 0.47 percent, Oversea-Chinese Banking Corporation lost 0.35 percent, SATS rallied 1.42 percent, Seatrium Limited retreated 0.81 percent, SembCorp Industries added 0.62 percent, Singapore Technologies Engineering plunged 1.33 percent, SingTel spiked 1.43 percent, United Overseas Bank dropped 0.48 percent, UOL Group stumbled 0.88 percent, Wilmar International climbed 1.38 percent, Yangzijiang Shipbuilding fell 0.29 percent and Thai Beverage, Keppel DC REIT, Mapletree Pan Asia Commercial Trust, Mapletree Logistics Trust and Frasers Centrepoint Trust were unchanged.

The lead from Wall Street is soft as the major averages opened flat but quickly turned lower and spent the balance of the day in the red.

The Dow dropped 243.36 points or 0.52 percent to finish at 46,358.42, while the NASDAQ slipped 18.75 points or 0.08 percent to close at 23,023.62 and the S&P 500 sank 18.61 points or 0.28 percent to end at 6,735.11.

The pullback on Wall Street reflected profit taking following recent strength in the markets, which came amid persistent optimism about the artificial intelligence trade.

Investors may also have begun to express concerns about the ongoing U.S. government shutdown, which entered its ninth day with no end in sight.

Traders also kept an eye on remarks by several Federal Reserve officials, with Fed Governor Michael Barr said the central bank should move "cautiously" due to considerable uncertainty about the future course of the economy.

Crude oil prices fell sharply on Thursday due to the possible easing of hostilities in the Middle East. West Texas Intermediate crude for November delivery was down $1.10 or 1.76 percent at $61.45 per barrel.