February 24, 2021

Market and Financial News Aggregator

Singapore Stock Market May Spin Its Wheels On Wednesday

3 min read
VIXC Market and Financial News

VIXC Market and Financial News Magazine.

The Singapore stock market has moved higher in back-to-back trading days, gathering almost 10 points or 0.3 percent along the way. The Straits Times Index now sits just above the 2,935-point plateau although it may run out of steam on Wednesday.

The global forecast for the Asian markets is slightly soft, with profit taking expected after recent gains. The European and U.S. bourses were slightly lower and the Asian markets figure to follow that lead.

The STI finished slightly higher on Tuesday following gains from the financials, losses from the properties and a mixed picture from the industrials.

For the day, the index rose 3.82 points or 0.13 percent to finish at 2,935.34 after trading between 2,932.20 and 2,945.29. Volume was 2.69 billion shares worth 1.12 billion Singapore dollars.

Among the actives, Yangzijiang Shipbuilding plummeted 1.87 percent, while Singapore Airlines soared 1.38 percent, Wilmar International spiked 1.29 percent, SATS rallied 0.98 percent, Mapletree Commercial Trust tumbled 0.98 percent, City Developments tanked 0.97 percent, CapitaLand Integrated Commercial Trust skidded 0.93 percent, SingTel and Singapore Press Holdings both jumped 0.83 percent, Ascendas REIT retreated 0.65 percent, CapitaLand and Comfort DelGro both declined 0.63 percent, Genting Singapore sank 0.58 percent, DBS Group climbed 0.43 percent, Keppel Corp advanced 0.39 percent, Oversea-Chinese Banking Corporation collected 0.38 percent, Singapore Technologies Engineering added 0.27 percent, United Overseas Bank gained 0.25 percent, Singapore Exchange rose 0.20 percent and Dairy Farm International, Mapletree Logistics Trust, Hongkong Land, SembCorp Industries and Thai Beverage were unchanged.

The lead from Wall Street suggests mild consolidation as the major averages were unable to hold early gains, ultimately finishing mixed and little changed.

The Dow added 64.35 points or 0.20 percent to finish at 31,522.75, while the NASDAQ sank 47.97 points or 0.34 percent to end at 14,047.50 and the S&P 500 eased 2.24 points or 0.06 percent to close at 3,932.59.

The early strength on Wall Street largely reflected recent upward momentum on optimism for President Joe Biden’s proposed $1.9 trillion relief package.

Recent signs indicating the coronavirus crisis is easing following a recent surge has also generated buying interest as countries around the world continue to ramp up vaccine rollouts.

Buying interest waned over the course of the morning, however, leading some traders to cash in on the recent strength in the markets.

In U.S. economic news, the Federal Reserve Bank of New York released a report showing New York manufacturing activity grew at its fastest pace in five months in February.

Crude oil prices surged higher Tuesday after oil wells and refineries in Texas were shut down due to cold, while rising tensions in the Middle East also contributed to oil’s advance. West Texas Intermediate Crude oil futures for March ended up $0.58 or 1 percent at $60.05 a barrel.

Closer to home, Singapore will release January figures for non-oil domestic exports later this morning, with forecasts suggesting an increase of 2.0 percent on month and 5.4 percent on year. That follows the 6.6 percent monthly increase and the 6.8 percent yearly gain in December – when the trade surplus was SGD6.20 billion.

For comments and feedback contact: editorial@rttnews.com



2021-02-16 19:00:12

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