The Singapore stock market has finished lower in back-to-back sessions, sinking almost 40 points or 1.3 percent along the way. The Straits Times Index now rests just above the 3,320-point plateau and it may take further damage on Wednesday.
The global forecast for the Asian markets is broadly negative on inflation and treasury yield concerns. The European and U.S. markets were sharply lower and the Asian bourses are tipped to follow that lead.
The STI finished modestly lower on Tuesday following losses from the financial shares and the industrials, while the property sector was mixed.
For the day, the index shed 17.54 points or 0.53 percent to finish at the daily low of 3,322.05 after trading as high as 3,350.44.
Among the actives, Ascendas REIT eased 0.35 percent, while CapitaLand Integrated Commercial Trust jumped 1.29 percent, CapitaLand Investment shed 0.49 percent, City Developments rallied 1.18 percent, Comfort DelGro surrendered 1.33 percent, Dairy Farm International fell 0.37 percent, DBS Group retreated 1.08 percent, Genting Singapore slumped 0.62 percent, Hongkong Land climbed 1.09 percent, Keppel Corp lost 0.45 percent, Mapletree Industrial Trust declined 1.13 percent, Mapletree Logistics Trust dropped 0.56 percent, Oversea-Chinese Banking Corporation weakened 0.67 percent, SATS rose 0.22 percent, SembCorp Industries stumbled 1.04 percent, Singapore Airlines sank 0.54 percent, Singapore Exchange skidded 0.91 percent, Singapore Technologies Engineering tanked 2.41 percent, SingTel spiked 2.97 percent, Thai Beverage plunged 2.84 percent, United Overseas Bank slid 0.36 percent, Wilmar International plummeted 3.13 percent, Yangzijiang Shipbuilding tumbled 2.17 percent and Mapletree Commercial Trust was unchanged.
The lead from Wall Street is brutal as the major averages opened lower on Tuesday and the losses only accelerated as the day progressed.
The Dow plummeted 809.28 points or 2.38 percent to finish at 33,240.18, while the NASAQ tumbled 514.11 points or 3.95 percent to close at 12,490.74 and the S&P 500 dropped 120.92 points or 2.81 percent to end at 4,175.20.
The sell-off on Wall Street came as elevated inflation, rising treasury yields and the ongoing war in Ukraine continued to weigh on investors as they digest the latest earnings news.
In economic news, the Commerce Department said new orders for U.S. manufactured durable goods rebounded in March. The Commerce Department also noted a steep drop in U.S. new home sales in March. And the Conference Board reported a mild decrease in U.S. consumer confidence in April.
Crude oil prices moved higher Tuesday as concerns about outlook for energy demand eased after the Chinese central bank said that it would support small businesses and industries affected by the pandemic. West Texas Intermediate Crude oil futures for June ended higher by $3.16 or 3.2 percent at $101.70 a barrel.
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