Lower Open Predicted For Singapore Stock Market

(RTTNews) - The Singapore stock market on Wednesday ended the two-day winning streak in which it had collected almost 15 points or 0.5 percent. The Straits Times Index now rests just beneath the 3,325-point plateau and the losses may accelerate on Thursday.

The global forecast for the Asian markets is negative on concerns over treasury yields and the outlook for interest rates. The European and U.S. markets were down and the Asian markets are expected to follow suit.

The STI finished slightly lower on Wednesday following mixed performances from the financial shares and industrial issues, while the properties were soft.

For the day, the index slid 6.89 points or 0.21 percent to finish at 3,323.20 after trading between 3,322.92 and 3,333.86.

Among the actives, CapitaLand Ascendas REIT and SATS both dropped 0.38 percent, while CapitaLand Integrated Commercial Trust tanked 1.02 percent, City Developments sank 0.34 percent, Comfort DelGro gained 0.72 percent, DBS Group fell 0.25 percent, Genting Singapore tumbled 1.10 percent, Hongkong Land lost 0.30 percent, Keppel Ltd and Mapletree Logistics Trust both slumped 0.74 percent, Mapletree Pan Asia Commercial Trust retreated 0.81 percent, Mapletree Industrial Trust skidded 0.46 percent, Oversea-Chinese Banking Corporation declined 0.76 percent, Seatrium Limited skyrocketed 1,900.00 percent, Singapore Technologies Engineering slid 0.24 percent, Wilmar International shed 0.32 percent, Yangzijiang Financial rallied 1.56 percent, Yangzijiang Shipbuilding surged 10.55 percent and SembCorp Industries, SingTel, Thai Beverage, Keppel DC REIT, CapitaLand Investment, Emperador and Frasers Logistics were unchanged.

The lead from Wall Street is soft as the major averages opened firmly lower on Wednesday and remained in the red throughout the trading day.

The Dow plunged 411.32 points or 1.06 percent to finish at 38,441.54, while the NASDAQ slumped 99.30 points or 0.58 percent to close ta 16,920.58 and the S&P 500 sank 39.09 points or 0.74 percent to end at 5,266.95.

The weakness on Wall Street came amid a continued increase by treasury yields, with the yield on the benchmark ten-year note climbing to its highest levels in nearly a month.

The continued advance by treasury yields has added to recent concerns about the outlook for interest rates ahead of key inflation data later in the week.

Crude oil prices fell on Wednesday on concerns about the outlook for interest rates, and the likely adverse impact high borrowing costs will have on energy demand. West Texas Intermediate Crude oil futures for July sank $0.60 at $79.23 a barrel.