The Singapore stock market has finished lower in two straight sessions, slipping nearly 30 points or 0.8 percent along the way. The Straits Times Index now rests just above the 3,540-point plateau and it may extend its losses on Wednesday.
The global forecast for the Asian is slightly soft, with concerns over U.S. treasury yields tempered by support from crude oil. The European markets were mixed and the U.S. bourses were down and the Asian markets figure to follow the latter lead.
The STI finished modestly lower on Tuesday following losses from the financials, industrials and properties.
For the day, the index retreated 22.23 points or 0.62 percent to finish at the daily low of 3,540.23 after moving as high as 3,566.75. Volume was 1.4 billion shares worth 1.3 billion Singapore dollars. There were 252 decliners and 174 gainers.
Among the actives, Hutchison Port Holdings plummeted 4.41 percent, while Golden Agri-Resources plunged 2.78 percent, SingTel fell 2.56 percent, CapitaLand Commercial Trust tumbled 1.69 percent, Genting Singapore soared 1.54 percent, DB Group skidded 1.16 percent, Yangzijiang Shipbuilding dropped 0.85 percent, Oversea-Chinese Banking Corporation shed 0.76 percent, Thai Beverage lost 0.62 percent, CapitaLand slid 0.55 percent, Comfort DelGro advanced 0.43 percent, Ascendas REIT declined 0.37 percent, Wilmar International added 0.32 percent, Keppel Corp was down 0.24 percent and United Overseas Bank eased 0.20 percent.
The lead from Wall Street is negative as stocks moved lower on Tuesday, as profit taking erased gains from previous sessions.
The Dow slumped 193.00 points or 0.78 percent to 24,706.41, the NASDAQ fell 59.69 points or 0.81 percent to 7,351.63 and the S&P 500 slid 18.68 points or 0.68 percent to 2,711.45.
The weakness came when traders reacted to a jump in U.S. treasury yields, with the yield on the benchmark ten-year note surging up to its highest levels since 2011.
In economic news, the Commerce Department said retail sales increased in line with estimates in April. Also, the National Association of Home Builders noted an unexpected improvement in homebuilder confidence in May.
Crude oil futures rose Tuesday, even as U.S. stocks and other commodities melted down. Oil has surged to four-year highs amid speculation that OPEC will continue to cut production. West Texas Intermediate oil for June ended up 35 cents or 0.5 percent to finish at $71.31/bbl.
by P2PNews Staff Writer