Singapore Stock Market May Hand Back Tuesday's Gains

(RTTNews) - The Singapore stock market has moved higher in two of three trading days since the end of the three-day slide in which it had slumped almost 80 points or 1.7 percent. The Straits Times Index now sits just above the 4,915-point plateau although it may see renewed consolidation on Wednesday.

The global forecast for the Asian markets is negative on continuing concerns over the conflict in the Middle East, although oil stocks are expected to continue to soar. The European and U.S. markets were down and the Asian markets are expected to follow that lead.

The STI finished modestly higher on Tuesday following gains from the industrials, retailers and financials.

For the day, the index gained 25.79 points or 0.53 percent to finish at 4,916.65 after trading between 4,899.81 and 4,952.36.

Among the actives, CapitaLand Ascendas REIT tanked 1.12 percent, while CapitaLand Integrated Commercial Trust stumbled 1.22 percent, CapitaLand Investment sank 0.66 percent, City Developments shed 0.53 percent, DBS Group eased 0.05 percent, DFI Retail Group spiked 1.97 percent, Genting Singapore skidded 0.71 percent, Hongkong Land slumped 0.72 percent, Keppel Ltd soared 2.25 percent, Mapletree Pan Asia Commercial Trust dropped 0.70 percent, Mapletree Industrial Trust fell 0.49 percent, Oversea-Chinese Banking Corporation and Seatrium Limited both climbed 0.86 percent, SembCorp Industries and Frasers Logistics & Commercial Trust both lost 0.51 percent, Singapore Airlines and Frasers Centrepoint Trust both declined 0.88 percent, Singapore Exchange gained 0.17 percent, Singapore Technologies Engineering surged 7.22 percent, SingTel rallied 1.83 percent, Thai Beverage retreated 1.11 percent, United Overseas Bank collected 0.11 percent, UOL Group added 0.27 percent, Wilmar International tumbled 1.13 percent, Yangzijiang Shipbuilding jumped 1.58 percent and Keppel DC REIT, Mapletree Logistics Trust, SATS and Jardine Matheson were unchanged.

The lead from Wall Street is soft as the major averages opened lower on Tuesday and spent the entire session in the red, although closing at their best levels for the day.

The Dow stumbled 403.51 points or0.83 percent to finish at 48,501.27, while the NASDAQ sank 232.17 points or 1.02 percent to end at 22,516.69 and the S&P 500 dropped 64.99 points or 0.94 percent to close at 6,816.63.

The early nosedive on Wall Street came amid concerns about the fallout from the ongoing conflict in the Middle East. As the conflict entered its fourth day, U.S. President Donald Trump suggested the war may last four to five weeks but could "go far longer than that."

The price of crude oil has continued to spike in response to the conflict, raising worries the jump in prices will lead to higher inflation.

Supply concerns were also worsened by the attacks on several oil refineries, including Saudi Aramco's oil facility in Ras Tanura.

After skyrocketing in the previous session, crude oil prices continued to soar on Tuesday after Iran closed the Strait of Hormuz. West Texas Intermediate crude for April delivery surged $3.35 or 4.7 percent to $74.58 a barrel.