(RTTNews) – Singapore’s stock market has been trending lower in consecutive sessions, slipping nearly 50 points or 1.4% along the way. The Straits Times Index is now just below the 3,250 plateau and is eyeing another soft start on Wednesday.
Global forecasts for Asian markets point to volatile anxiety ahead of the Federal Reserve’s monetary policy statement later today, with tech stocks expected to weigh heavily. European markets were up and US stock markets were down and Asian markets figured to share the difference.
The STI ended sharply lower on Tuesday following losses in financial stocks, real estate stocks and industrials issues.
For the day, the index fell 35.59 points or 1.08% to end at 3,247.76 after trading between 3,235.17 and 3,267.55. The volume was 1.55 billion shares worth S$1.53 billion. There were 371 refusals and 145 winners.
Among assets, Ascendas REIT lost 0.70%, while CapitaLand Integrated Commercial Trust fell 0.50%, City Developments fell 1.26%, Dairy Farm International fell 1.04%, DBS Group slipped 1.29%, Genting Singapore plunged 2.63%, Hongkong Land fell 0.36%. Keppel Corp fell 1.67%, Mapletree Commercial Trust and Singapore Technologies Engineering both fell 0.54%, Mapletree Logistics Trust fell 0.57%, Oversea-Chinese Banking Corporation weakened 1.22 %, SATS fell 1.51%, Singapore Airlines fell 1.78%, Singapore Exchange fell 1.16%. , Singapore Press Holdings fell 0.43%, SingTel lost 0.80%, Thai Beverage fell 1.52%, United Overseas Bank fell 0.93%, Wilmar International fell 2.34% , Yangzijiang Shipbuilding fell 4.55% and Comfort DelGro and SembCorp Industries were unchanged.
Wall Street’s advance is negative as major averages opened lower on Tuesday and remained in the red for most of the trading day.
The Dow Jones lost 66.77 points or 0.19% to end at 34,297.73, while the NASDAQ fell 315.83 points or 2.28% to end at 13,539.29 and the S&P 500 sank 53.68 points or 1.22% to close at 4,356.45.
The continued volatility on Wall Street came as traders anticipated the highly anticipated monetary policy announcement from the Federal Reserve later in the day. The Fed is likely to leave interest rates unchanged, although the accompanying statement could hint at the first rate hike as soon as the next meeting in March.
The Dow’s attempted rally was driven by a rally in American Express (AXP) shares, fueled by better-than-expected fourth-quarter results. Components Dow Johnson & Johnson (JNJ) and IBM Corp. (IBM) also posted strong fourth-quarter gains that beat the Street.
In US economic news, the Conference Board said consumer confidence fell less than expected in January.
Crude oil prices rose sharply on Tuesday, rebounding from the previous session’s decline amid dwindling supplies in the market due to growing tension in Eastern Europe and the Middle East. West Texas Intermediate crude oil futures for March ended up $2.29 or 2.8% at $85.60 a barrel.
Closer to home, Singapore will release December data for industrial production later today, with forecasts suggesting an increase of 0.9% on the month and 12.0% on the year after the increase monthly gain of 2.3% and the annual gain of 14.6% in November.
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