Singapore Bourse May Give Up Support At 3,400 Points

(RTTNews) - The Singapore stock market has alternated between positive and negative finishes through the last four trading days since the end of the three-day losing streak in which it had slumped more than 35 points or 1 percent. The Straits Times Index now rests just beneath the 3,420-point plateau and it may take further damage on Friday.

The global forecast for the Asian markets is soft, thanks to fears of an economic slowdown. The European and U.S. markets finished sharply lower and the Asian bourses are expected to follow suit.

The STI finished sharply lower on Thursday following losses from the banks, industrials and plantations, while support from the properties and trusts limited the downside.

For the day, the index stumbled 36.10 points or 1.04 percent to finish at 3,419.84 after trading between 3,419.40 and 3,454.53.

Among the actives, CapitaLand Integrated Commercial Trust spiked 2.88 percent, while CapitaLand Investment gained 0.37 percent, City Developments added 0.56 percent, Comfort DelGro skidded 0.71 percent, DBS Group stumbled 1.67 percent, Emperador declined 1.16 percent, Frasers Logistics & Commercial Trust soared 3.03 percent, Genting Singapore dropped 0.59 percent, Hongkong Land rose 0.31 percent, Keppel DC REIT surged 3.47 percent, Keppel Ltd plummeted 4,67 percent, Mapletree Pan Asia Commercial Trust rallied 1.56 percent, Mapletree Industrial Trust climbed 1,07 percent, Mapletree Logistics Trust jumped 2.33 percent, Oversea-Chinese Banking Corporation fell 0.20 percent, SATS retreated 1.52 percent, SembCorp Industries sank 0.42 percent, SingTel tumbled 1.70 percent, Wilmar International shed 0.31 percent, Yangzijiang Shipbuilding slumped 1.12 percent and Seatrium Limited, Thai Beverage, Singapore Technologies Engineering and Yangzijiang Financial were unchanged.

The lead from Wall Street is broadly negative as the major averages opened slightly higher on Thursday but quickly headed south and finished deep under water.

The Dow plummeted 494.82 points or 1.21 percent to finish at 40,347.97, while the NASDAQ tumbled 405.26 points or 2.30 percent to close at 17,194.14 and the S&P 500 sank 75.62 points or 1.37 percent to end at 5,446.68.

The sell-off on Wall Street came as disappointing data led to concerns about the outlook for the U.S. economy and offset optimism about a near-term interest rate cut by Federal Reserve.

The Institute for Supply Management released a report showing U.S. manufacturing activity unexpectedly contracted at an accelerated rate in July.

The Labor Department also released a report showing first-time claims for U.S. unemployment benefits rose to their highest level in almost a year last week.

Oil futures settled lower on Thursday on concerns about disappointing economic data and the outlook for oil demand. West Texas Intermediate Crude oil futures for September ended down $1.60 or about 2.05 percent at $76.31 a barrel.