Singapore Shares May Remain Rangebound On Tuesday

(RTTNews) - The Singapore stock market has finished lower in two of three trading days since the end of the two-day winning streak in which it had gained more than 60 points or 1.2 percent. The Straits Times Index now rests just beneath the 4,900-point plateau and it's expected to remain in that neighborhood again on Tuesday.

The global forecast for the Asian markets is mixed to higher, with bargain hunting likely offset by oil prices and war concerns. The European markets were up and the U.S. bourses were mixed and the Asian markets figure to split the difference.

The STI finished barely lower on Monday following mixed performances from the financial shares, property stocks and industrial issues.

For the day, the index eased 0.92 points or 0.02 percent to finish at 4,897.26 after trading between 4,855.32 and 4,911.24.

Among the actives, CapitaLand Ascendas REIT advanced 0.80 percent, while CapitaLand Integrated Commercial Trust sank 0.43 percent, City Developments dropped 0.60 percent, DBS Group shed 0.31 percent, DFI Retail Group stumbled 0.92 percent, Hongkong Land lost 0.25 percent, Keppel Ltd, SATS and United Overseas Bank all slumped 0.84 percent, Mapletree Pan Asia Commercial Trust jumped 1.53 percent, Oversea-Chinese Banking Corporation collected 0.28 percent, Seatrium Limited rallied 1.28 percent, SembCorp Industries surged 2.77 percent, Singapore Airlines retreated 0.90 percent, Singapore Exchange rose 0.20 percent, Singapore Technologies Engineering eased 0.09 percent, SingTel added 0.40 percent, Thai Beverage tumbled 1.15 percent, UOL Group soared 2.08 percent, Wilmar International spiked 1.58 percent, Yangzijiang Shipbuilding tanked 1.04 percent and Mapletree Industrial Trust, Mapletree Logistics Trust, Genting Singapore, Keppel DC REIT and CapitaLand Investment were unchanged.

The lead from Wall Street offers little clarity as the major averages opened higher on Monday but faded as the day progressed and ended mixed.

The Dow added 49.50 points or 0.11 percent to finish at 45,216.14, while the NASDAQ slumped 153.72 points or 0.73 percent to end at 20,794.64 and the S&P 500 sank 25.13 points or 0.39 percent to close at 6,343.72.

Bargain hunting contributed to the initial strength on Wall Street, as some traders looked to pick up stocks at reduced levels following recent weakness.

Optimistic comments from President Donald Trump about the war in the Middle East also generated some early buying interest - but that optimism was short-lived after Trump threatened Iran with obliteration.

Buying interest waned over the course of the session, however, as the price of crude oil saw further upside amid ongoing concerns about the impact of the Middle East war.

Crude oil prices catapulted on Monday as the gulf region remains enveloped in war tension after the U.S. sends more soldiers to the area as Trump warned Iran to open the Strait of Hormuz. West Texas Intermediate crude for May delivery was up $3.05 or 3.06 percent at $102.69 per barrel.