The Singapore stock market has finished lower in back-to-back trading days, sliding more than 20 points or 0.7 percent along the way. The Straits Times Index now rests just beneath the 3,140-point plateau although it may find traction on Wednesday.
The global forecast for the Asian markets is positive on easing trade war fears and a jump in crude oil prices. The European and U.S. markets were up and the Asian markets are expected to open in similar fashion.
The STI finished barely lower on Tuesday as losses from the financials, plantations and properties were mitigated by support from the industrials.
For the day, the index eased 2.06 points or 0.07 percent to finish at 3,139.34 after trading between 3,110.79 and 3,140.22. Volume was 1.43 billion shares worth 905.9 million Singapore dollars. There were 219 decliners and 168 gainers.
Among the actives, Golden Agri-Resources plummeted 2.04 percent, while Yangzijiang Shipbuilding surged 1.83 percent, SembCorp Industries soared 1.40 percent, Wilmar International plunged 1.27 percent, Ascendas REIT tumbled 1.15 percent, Genting Singapore spiked 0.98 percent, CapitaLand Mall Trust skidded 0.93 percent, Comfort DelGro jumped 0.86 percent, Keppel Corp climbed 0.77 percent, CapitaLand Commercial Trust dropped 0.57 percent, CapitaLand shed 0.30 percent, United Overseas Bank lost 0.15 percent, Oversea-Chinese Banking Corporation fell 0.09 percent, DBS Group added 0.04 percent and Hutchison Port Holdings, SingTel, Singapore Exchange and Thai Beverage were unchanged.
The lead from Wall Street is form as stocks moved mostly higher on Tuesday, with traders shrugging off concerns about the escalating trade war between the U.S. and China.
The Dow added 184.84 points or 0.71 percent to 26,246.96, while the NASDAQ gained 60.32 points or 0.76 percent to 7,956.11 and the S&P was up 15.51 points or 0.54 percent to 2,904.31.
Traders expressed relief that the rates of tariffs that the U.S. and China are expected to impose are not as high as feared. However, the tariffs are set to rise on January 1, and the U.S. will impose tariffs on another $267 billion worth of Chinese imports if China takes retaliatory action.
In economic news, the National Association of Home Builders said homebuilder confidence held steady in September.
Crude oil prices edged higher on Tuesday, with traders betting on a possible supply shortage after U.S. sanctions on Iran come into force from early November. Crude oil futures for October delivery ended up $0.94 or 1.4 percent at $69.85 a barrel.
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