Losses May Accelerate For Singapore Stock Market

(RTTNews) - The Singapore stock market on Monday snapped the six-day winning streak in which it had climbed almost 110 points or 2.1 percent. The Straight Times Index now sits just beneath the 4,835-point plateau and it's expected to open in the red again on Tuesday.

The global forecast for the Asian markets is negative thanks to ongoing geopolitical concerns. The European markets were down and the U.S. markets were closed and the Asian bourses are also likely to open under water.

The STI finished modestly lower on Monday as losses from the financials and properties were mitigated by support from the industrials.

For the day, the index sank 14.22 points or 0.29 percent to finish at the daily high of 4,834.88 after moving as low aa 4,819.93.

Among the actives, CapitaLand Ascendas REIT gained 0.35 percent, while CapitaLand Integrated Commercial Trust fell 0.41 percent, CapitaLand Investment jumped 1.37 percent, City Developments stumbled 1.31 percent, DBS Group dropped 0.69 percent, DFI Retail Group dipped 0.25 percent, Hongkong Land tanked 0.85 percent, Keppel DC REIT lost 0.45 percent, Keppel Ltd improved 0.55 percent, Mapletree Logistics Trust slumped 0.74 percent, Oversea-Chinese Banking Corporation sank 0.64 percent, SATS was up 0.26 percent, Seatrium Limited plummeted 3.57 percent, SembCorp Industries expanded 0.65 percent, Singapore Airlines rose 0.31 percent, Singapore Exchange shed 0.51 percent, Singapore Technologies Engineering added 0.42 percent, Thai Beverage rallied 1.09 percent, United Overseas Bank collected 0.27 percent, UOL Group eased 0.10 percent, Wilmar International slipped 0.32 percent, Yangzijiang Shipbuilding plunged 1.95 percent and Mapletree Pan Asia Commercial Trust, Mapletree Industrial Trust, Genting Singapore, Frasers Logistics & Commercial Trust, Frasers Centrepoint Trust, Venture Corporation and SingTel were unchanged.

The U.S. markets were closed on Monday for Martin Luther King Jr. Day, while the European markets spent the entire session in the red amid rising geopolitical tensions after U.S. President Donald Trump doubled down on his plan to acquire Greenland.

Trump said NATO had warned Denmark for years about the "Russian threat" to Greenland and claimed Copenhagen had failed to act. "Now it is time, and it will be done!!!" Trump wrote in a post on his Truth Social platform ahead of this week's World Economic Forum Annual Meeting in Davos.

Also weighing on stocks was Trump's announcement of a 10 percent tariff on several EU countries from next month, which raises the tariff on all imports to the U.S. to 25 percent.

Reports suggest that the EU is considering a retaliatory move that would place tariffs on 93 billion euros of U.S. goods or restrict U.S. firms' access to its internal market.