Singapore Bourse Tipped To End Losing Streak

(RTTNews) - The Singapore stock market has moved lower in back-to-back sessions, slumping almost 20 points or 0.6 percent along the way. The Straits Times Index now rests just above the 3,330-point plateau although it's likely to stop the bleeding on Thursday.

The global forecast for the Asian markets is upbeat, with energy and technology stocks expected to lead the way, The European and U.S. markets were up and the Asian bourses figure to follow suit.

The STI finished modestly lower on Wednesday following losses from the financials and mixed performances from the industrial and property sectors.

For the day, the index sank 8.93 points or 0.27 percent to finish at 3,330.01 after trading between 3,328.19 and 3,350.18.

Among the actives, CapitaLand Integrated Commercial Trust advanced 1.02 percent, while CapitaLand Investment was up 0.38 percent, City Developments shed 0.53 percent, DBS Group retreated 1.31 percent, Genting Singapore slumped 0.56 percent, Hongkong Land climbed 1.17 percent, Keppel Ltd rallied 1.21 percent, Mapletree Pan Asia Commercial Trust added 0.79 percent, Mapletree Industrial Trust jumped 1.38 percent, Mapletree Logistics Trust gained 0.75 percent, Oversea-Chinese Banking Corporation sank 0.76 percent, SATS fell 0.34 percent, Seatrium Limited plummeted 3.37 percent, SembCorp Industries gathered 0.39 percent, Singapore Technologies Engineering rose 0.50 percent, SingTel improved 0.80 percent, Thai Beverage surged 3.03 percent, Yangzijiang Financial tumbled 1.52 percent, Yangzijiang Shipbuilding lost 0.43 percent and Comfort DelGro, Emperador, Keppel DC REIT and Wilmar International were unchanged.

The lead from Wall Street is positive as the major averages opened higher on Wednesday, faded a bit but bounced solidly higher and sent the NASDAQ and S&P to fresh record closing highs.

The Dow added 96.04 points or 0.25 percent to finish at 38,807.33, while the NASDAQ surged 330.86 points or 1.96 percent to close at 17,187.90 and the S&P 500 rallied 62.69 points or 1.18 percent to end at 5,354.03.

The surge by the NASDAQ came as tech stocks continued to take their cues from Nvidia (NVDA), as the AI darling soared by 5.2 percent to a new record closing high.

The strength on Wall Street also came as a report from payroll processor ADP showing private sector job growth in the U.S. slowed by more than expected in the month of May added to optimism about the outlook for interest rates.

Treasury yields moved lower following the release of the jobs data, with the ten-year yield falling to its lowest levels in two months.

Crude oil prices bounced higher from four-month lows after OPEC decided not to extend production cuts. West Texas Intermediate for July delivery was up $1.04 or 1.42 percent to $74.29 per barrel.