The Singapore stock market has tracked lower in two straight sessions, sinking almost 20 points or 0.6 percent along the way. The Straits Times Index now rests just above the 3,260-point plateau and it's predicted to see continued consolidation again on Wednesday.
The global forecast for the Asianmarketsis negative, with profit taking expected amid concerns over the outlook for interest rates. The European and U.S. markets were down and the Asian bourses are tipped to follow suit.
The STI finished barely lower on Tuesday as losses from the financials were mitigated by mixed performances from the properties and industrials.
For the day, the index dipped 0.61 points or 0.02 percent to finish at 3,262.63 after trading between 3,260.58 and 3,285.25.
Among the actives, CapitaLand Integrated Commercial Trust rose 0.52 percent, while CapitaLand Investment gained 0.54 percent, City Developments fell 0.13 percent, Comfort DelGro retreated 0.82 percent, DBS Group skidded 0.50 percent, Emperador declined 1.00 percent, Frasers Logistics surged 2.42 percent, Genting Singapore advanced 0.99 percent, Hongkong Land rallied 1.33 percent, Keppel Corp added 0.55 percent, Mapletree Pan Asia Commercial Trust climbed 1.18 percent, Mapletree Industrial Trust and SingTel both sank 0.42 percent, Mapletree Logistics Trust strengthened 1.20 percent, Oversea-Chinese Banking Corporation lost 0.24 percent, SembCorp Industries dropped 0.27 percent, Singapore Technologies Engineering improved 0.85 percent, Thai Beverage slumped 0.78 percent, United Overseas Bank eased 0.07 percent, Wilmar International jumped 1.81 percent, Yangzijiang Financial surrendered 1.41 percent, Yangzijiang Shipbuilding tumbled 1.53 percent and Ascendas REIT and SATS were unchanged.
The lead from Wall Street is soft as the major averages opened lower on Tuesday. The Dow spent all day in the red, while the NASDAQ and S&P visited positive territory for a bit but couldn't hold the gains and ended under water.
The Dow tumbled 232.39 points or 0.71 percent to finish at 32,656.70, while the NASDAQ dipped 11.44 points or 0.10 percent to close at 11,455.54 and the S&P 500 fell 12.09 points or 0.30 percent to end at 3,970.15.
The lackluster performance on Wall Street came as traders seemed reluctant to make significant moves amid ongoing concerns about the outlook for interest rates.
In U.S. economic news, MNI Indicators released a report showing Chicago-areabusinessactivity unexpectedly contracted at a slightly faster rate in February. Also, the Conference Board said U.S. consumer confidence unexpectedly decreased for the second consecutive month in February.
Following the pullback a day earlier, the price of crude oil showed a strong move back to the upside on Tuesday, thanks to optimism about increased demand from China. West Texas Intermediate crude for April delivery surged $1.37 or 1.8 percent to $77.05 a barrel.
