The Singapore stock market has experienced a decline for three consecutive sessions, with a total decrease of over 55 points or 1.6%. Consequently, the Straits Times Index is hovering just above the 3,760-point mark and may remain stagnant as we approach Friday.
Globally, the outlook for Asian markets is uncertain due to concerns surrounding interest rate forecasts. European markets have declined, and U.S. exchanges showed mixed and stable performance, with Asian markets expected to mirror this balanced trend.
On Thursday, the STI concluded slightly lower, influenced by declines in property stocks and mixed results from the financial and industrial sectors. The index fell by 16.74 points, or 0.44%, to close at 3,762.88, fluctuating between 3,739.49 and 3,776.43 throughout the day.
In terms of specific stocks, CapitaLand Integrated Commercial Trust decreased by 0.52%, while CapitaLand Investment dropped a notable 1.92%. City Developments declined by 0.59%, and Comfort DelGro fell by 0.69%. DBS Group saw a minor increase of 0.07%, and DFI Retail edged up by 0.43%. Other performances included Emperador weakening by 1.19%, Genting Singapore dipping by 1.32%, and Hongkong Land decreasing by 1.13%. Additional declines were seen in Keppel Ltd at 0.74%, Mapletree Pan Asia Commercial Trust at 1.65%, Mapletree Industrial Trust at 1.80%, and Mapletree Logistics Trust at 0.79%. Oversea-Chinese Banking Corporation saw a drop of 0.89%, SATS dipped by 0.28%, Seatrium Limited by 1.52%, and SembCorp Industries by 0.73%. Singapore Technologies Engineering gained 0.44%, while SingTel experienced a sharp decline of 1.90%. Thai Beverage fell by 1.77%, Wilmar International by 0.99%, Yangzijiang Shipbuilding surged by 2.85%, and Yangzijiang Financial remained unchanged.
Wall Street's direction provides limited insight. Major indices began positively on Thursday due to bargain hunting but waned throughout the day, concluding with mixed and negligible changes. The Dow increased slightly by 15.37 points or 0.04% to 42,342.24, whereas the NASDAQ decreased by 19.93 points or 0.10% to close at 19,372.77, and the S&P 500 fell 5.08 points or 0.09% to 5,867.08.
The initial upswing in Wall Street stemmed from traders acquiring stocks at lower prices following Wednesday’s significant losses, which saw the Dow touching its lowest closing level in over a month. The sell-off was triggered by the Federal Reserve’s announcement of a well-anticipated quarter-point interest rate cut, coupled with predictions of fewer rate reductions next year than anticipated.
Positive economic data reinforced the Fed's cautious stance regarding further rate cuts. The Commerce Department reported a greater-than-expected GDP surge in Q3, while the Labor Department announced a significant drop in first-time U.S. jobless claims last week.
On the commodities front, crude oil futures declined on Thursday, pressured by a stronger dollar after the Federal Reserve hinted at fewer interest rate cuts next year than previously expected. West Texas Intermediate crude oil futures for January closed down by $0.67 or 0.95%, at $69.91 a barrel.
The material has been provided by InstaForex Company -
www.instaforex.com
