Losing Streak May Continue For Singapore Shares

(RTTNews) - The Singapore stock market has inched lower in three straight sessions, although it has given up just 5 points or 0.1 percent in that span. The Straits Times Index now sits just above the 4,630-point plateau and it's expected to open under pressure again on Tuesday.

The global forecast for the Asian markets is soft, with profit taking expected ahead of the end of the year. The European markets were mixed and flat and the U.S. bourses were down and the Asian markets figure to follow the latter lead.

The STI finished barely lower on Monday following losses from the financial shares and mixed performances from the properties and industrials.

For the day, the index eased 2.51 points or 0.05 percent to finish at 4,633.64 after trading between 4,631.40 and 4,644.12.

Among the actives, CapitaLand Ascendas REIT climbed 0.71 percent, while CapitaLand Integrated Commercial Trust increased 0.42 percent, CapitaLand Investment gained 0.37 percent, City Developments added 0.38 percent, DBS Group eased 0.05 percent, DFI Retail Group rallied 0.76 percent, Hongkong Land fell 0.43 percent, Keppel DC REIT jumped 0.90 percent, Keppel Ltd perked 0.10 percent, Mapletree Industrial Trust improved 0.49 percent, Mapletree Logistics Trust vaulted 0.77 percent, Oversea-Chinese Banking Corporation slumped 0.50 percent, SATS advanced 0.53 percent, Seatrium Limited shed 0.47 percent, SembCorp Industries was up 0.17 percent, Singapore Airlines rose 0.31 percent, Singapore Exchange slipped 0.35 percent, SingTel was down 0.22 percent, United Overseas Bank declined 0.20 percent, UOL Group lost 0.46 percent, Wilmar International slid 0.32 percent, Yangzijiang Shipbuilding dipped 0.29 percent and Singapore Technologies Engineering, Thai Beverage, Genting Singapore, Mapletree Pan Asia Commercial Trust and Frasers Logistics & Commercial Trust were unchanged.

The lead from Wall Street is weak as the major averages opened under water on Monday and stayed that way throughout the trading day.

The Dow dropped 249.04 points or 0.49 percent to finish at 48,461.93, while the NASDAQ sank 118.75 points or 0.50 percent to and at 23,474.35 and the S&P 500 shed 24.20 points or 0.35 percent to close at 6,905.74.

The pullback on Wall Street reflected profit taking, as some traders looked to cash in on recent gains going into the end of the year.

A pullback by big-name tech companies also weighed on the markets, with Nvidia (NVDA) and Oracle (ORCL) showing notable moves to the downside.

In U.S. economic news, the National Association of Realtors said pending home sales in the U.S. shot up much more than expected in November.

Crude oil prices surged on Monday, with Russia-Ukraine attacks continuing, the U.S.-Venezuela conflict escalating, and fresh conflicts brewing in the Middle East - all increasing supply concerns. West Texas Intermediate crude for February delivery was up $1.25 or 2.20 percent at $57.99 per barrel.