(RTTNews) – The Singapore stock market has moved lower in back-to-back sessions, sinking more than 40 points or 1.2 percent along the way. The Straits Times Index now rests just beneath the 3,320-point plateau although it figures to find traction on Wednesday.
The global forecast for the Asian markets is murky, with little movement expected as support from technology stocks will likely be offset by weakness from oil companies. The European and U.S. markets were mixed and little changed and the Asian bourses are tipped to follow suit.
The STI finished slightly lower on Tuesday following mixed performances from the financial shares, property stocks and industrials.
For the day, the index dipped 6.50 points or 0.20 percent to finish at 3,318.20 after trading between 3,314.32 and 3,341.42.
Among the actives, Ascendas REIT jumped 1.09 percent, while CapitaLand Integrated Commercial Trust climbed 1.03 percent, City Developments advanced 0.87 percent, DBS Group tanked 0.74 percent, Genting Singapore soared 2.00 percent, Hongkong Land was down 0.41 percent, Keppel Corp perked 0.28 percent, Mapletree Pan Asia Commercial Trust gained 0.58 percent, Mapletree Industrial Trust rose 0.44 percent, Mapletree Logistics Trust added 0.61 percent, Oversea-Chinese Banking Corporation sank 0.38 percent, SATS plummeted 4.67 percent, SembCorp Industries retreated 0.54 percent, Singapore Technologies Engineering fell 0.27 percent, SingTel gathered 0.40 percent, Thai Beverage plunged 2.22 percent, United Overseas Bank collected 0.10 percent, Wilmar International skidded 0.50 percent, Yangzijiang Shipbuilding surged 2.42 percent and Yangzijiang Financial, CapitaLand Investment, Comfort DelGro, Emperador and UOL Group were unchanged.
The lead from Wall Street provides little clarity as the major averages went on a volatile ride Tuesday that saw them finish on opposite sides of the unchanged line.
The Dow slumped 162.12 points or 0.47 percent to finish at 34,083, while the NASDAQ advanced 70.99 points or 0.60 percent to close at 11,962.78 and the S&P 500 dipped 0.96 points or 0.02 percent to end at 4,136.33.
The volatility on Wall Street followed the release of closely watched U.S. inflation data, which could have a significant effect on the Federal Reserve’s strategy regarding interest rate hikes.
The Labor Department’s report showed that U.S. consumer prices increased in line with estimates in January, probably dashing hopes that the Federal Reserve might further ease the pace of its interest rate hikes.
Crude oil prices slumped on Tuesday afternoon, dropping after the release of the U.S. inflation data before coming up off daily lows. West Texas Intermediate was down $1.01 or 1.26 percent to $79.13 per barrel, coming off a low of $77.46 earlier in the day.