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Singapore Stock Exchange Could Find 3,000 Point Support

 


(RTTNews) – The Singapore stock market ended down in four consecutive sessions, tumbling more than 145 points or 4.8% along the way. The Straits Times Index is now just below the plateau of 3,010 points and could stop the bleeding on Tuesday.

Global forecasts for Asian markets are optimistic about hopes for recovery after weeks of intense sales. European markets were mixed and US markets were up sharply and Asian markets are inclined to follow this latest example.

The STI ended slightly lower on Monday after financial losses, property gains and a mixed image of industrialists.

For the day, the index fell 3.36 points or 0.11 percent to finish at 3,007.72 after a trade between 2,987.41 and 3,026.23. The volume was 1.61 billion shares for 1.91 billion Singaporean dollars. There were 254 gainers and 236 decliners.

Among assets, SembCorp Industries jumped 2.73%, while Singapore Exchange climbed 2.24%, CapitaLand Commercial Trust rose 2.15%, Mapletree Commercial Trust jumped 1.90%, CapitaLand Mall Trust jumped 1.76%, Ascendas REIT climbed 1.63%, Thai Beverage 1.28%, Genting Singapore climbed 1.23%, Keppel Corp gained 1.10%, Yangzijiang Shipbuilding skid 1.06%, United Overseas Bank fell 0.98%, Wilmar International rose 0.76%, SingTel fell 0.67%, Mapletree Logistics added 0.54%, Comfort DelGro lost 0 , 51%, Singapore Technologies Engineering gained 0.48%, CapitaLand increased 0.28%, DBS Group lost 0.25%, Oversea-Chinese Banking Corporation lost 0.19% and Singapore Press Holdings remained unchanged .

Wall Street’s lead is broadly positive, as stocks rebounded Monday after the worst session since the 2008 financial crisis.

The Dow Jones jumped 1,293.96 points or 5.09% to finish at 26,703.32, while the NASDAQ climbed 384.80 points or 4.49% to 8,952.17 and the S&P 500 jumped 136.01 points or 4.60% to 3,090.23.

The rebound on Wall Street was due to the hunt for bargains, traders picking up stocks at reduced levels following the sale of the last sessions. Traders also seem optimistic about the actions taken by central banks around the world to counter the impact of the coronavirus on the global economy.

In economic news, the Institute for Supply Management reported a slight expansion in manufacturing activity in February. A separate Commerce Department report found that construction spending in the United States increased much more than expected in January.

Crude oil prices rebounded strongly on Monday, with traders betting on the hope that OPEC and its allies will significantly reduce crude production. West Texas Intermediate crude oil futures for April ended up $ 1.99 or 4.5% to $ 46.75 a barrel.

The views and opinions expressed here are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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