(RTTNews.com) – The losing streak has reached three sessions now for the Singapore stock market, which has surrendered more than 50 points or 1.5 percent along the way. The Straits Times Index now rests just beneath the 3,400-point plateau, although it may stop the bleeding on Thursday.
The global forecast for the Asian markets is flat to lower, thanks to concerns of violence in the Middle East and a decline in crude oil prices. The European and U.S. markets were mixed and little changed and the Asian markets figure to follow suit.
The STI finished sharply lower on Wednesday following losses from the financials, plantations and industrials, while the properties were mostly higher.
Among the actives, Oversea-Chinese Banking Corporation plunged 3.04 percent, while Keppel Corp tumbled 2.48 percent, DBS Group plummeted 2.26 percent, Genting Singapore skidded 2.22 percent, United Overseas Bank dropped 1.98 percent, Golden Agri-Resources shed 1.33 percent, Yangzijiang Shipbuilding climbed 1.32 percent, Wilmar International lost 1.28 percent, Hutchison Port Holdings retreated 1.22 percent, CapitaLand Mall Trust jumped 0.97 percent, SingTel advanced 0.80 percent, SembCorp Industries fell 0.66 percent, CapitaLand Commercial Trust added 0.54 percent, Thai Beverage dipped 0.52 percent and Global Logistic Properties gave away 0.30 percent.
The lead from Wall Street offers little clarity as stocks turned in a lackluster performance on Wednesday, bouncing back and forth across the unchanged line before ending mixed.
The NASDAQ added 14.16 points or 0.21 percent to 6,776.38, while the Dow shed 39.73 points or 0.16 percent to 24,140.91 and the S&P 500 fell 0.30 points or 0.01 percent to 2,629.27.
The choppy trading came as traders expressed uncertainty about the economic impact of the Republican tax reform plan.
Concerns about the possibility of violence in the Middle East also weighed on the markets as President Donald Trump announced he is officially recognizing Jerusalem as the capital of Israel.
In economic news, payroll processor ADP noted a slightly bigger than expected increase in private sector employment. Also, the Labor Department saw a significant increase in labor productivity in the third quarter.
Crude oil futures plunged Wednesday, extending recent losses after official data confirmed a huge build in U.S. gasoline supplies. WTI light sweet crude oil for January was down $1.66 or 2.9 percent to $55.96 a barrel.
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