Losses May Accelerate For Singapore Stock Market

(RTTNews) - The Singapore stock market has finished lower in two of three trading days since the end of the three-day winning streak in which it had gathered almost 35 points or 1.2 percent. The Straits Times Index settled just above the 2,885-point plateau, and the market may take further damage on Thursday.

The global forecast for the Asian markets is soft, thanks to renewed downward pressure on the price of crude oil - while profit taking ahead of the year's end also is likely. The European and U.S. markets were down and the Asian markets figure to follow suit.

The STI finished slightly lower on Wednesday following losses from the shipbuilders and Noble Group, while the properties and financials were mixed.

For the day, the index eased 2.71 points or 0.09 percent to finish at 2,885.51 after trading between 2,868.81 and 2,897.47. Volume was 923 million shares worth 534 million Singapore dollars. There were 212 decliners and 188 gainers, with 524 stocks finishing unchanged.

Among the actives, Noble Group plummeted 9.09 percent, while Ascendas REIT shed 0.44 percent, Yangzijiang Shipbuilding lost 0.91 percent, CapitaLand added 0.90 percent, Wilmar International advanced 0.68 percent, Oversea-Chinese Banking Corporation collected 0.23 percent, United Overseas Bank dipped 0.20 percent and Thai Beverage dropped 0.72 percent.

The lead from Wall Street is negative as stocks moved lower on Wednesday as some traders locked in profits ahead of the impending New Year's holiday.

The Dow closed 117.24 points, or 0.66 percent, lower at 17,603.74, while the S&P 500 lost 15.01 points or 0.72 percent to 2,063.35 and the NASDAQ fell 42.09 points or 0.82 percent to end at 5,065.85.

Weighing on the markets, Nymex February crude oil plunged $1.27 or 3.4 percent to end at $36.60 a barrel.

On the economic front, the National Association of Realtors' pending home sales index fell 0.9 percent in November, indicating the third decline in the last four months.