FX.co ★ Singapore Shares Tipped To Remain Rangebound

The Singapore stock market has ended lower in two out of the last three trading sessions, following a three-day winning streak that saw a gain of over 30 points, or 0.8%. Currently, the Straits Times Index (STI) hovers slightly above the 3,740-point mark and is poised for a potential uptick on Thursday.

The global outlook for Asian markets remains uncertain, with slight downward pressure expected from oil and technology sectors. European markets experienced minor declines, while U.S. stocks showed mixed and largely stagnant activity, suggesting limited movement in Asian markets as well.

On Wednesday, the STI experienced a modest decline, primarily due to losses in the telecom sector and a mixed performance across the financial, property, and industrial sectors. The index dropped 14.33 points or 0.38% to close at 3,743.64, fluctuating between 3,741.72 and 3,766.79 throughout the day.

Key performers included CapitaLand Integrated Commercial Trust, which fell by 0.51%, while CapitaLand Investment rose by 0.71%. City Developments decreased by 0.31%, and Comfort DelGro dropped 0.68%. DBS Group saw a decline of 0.85%, whereas DFI Retail surged by 2.42%. Frasers Logistics fell by 1.05%, but Genting Singapore increased by 0.65%. Hongkong Land jumped 1.72%, and Keppel DC REIT surged by 4.11%. Meanwhile, Keppel Ltd decreased by 1.04%, Mapletree Industrial Trust gained 0.44%, and Mapletree Logistics Trust fell by 0.79%. SATS dropped by 0.26%, Seatrium Limited climbed 1.05%, and SembCorp Industries spiked 2.12%. Singapore Technologies Engineering dipped 0.22%, and SingTel tumbled 3.10%. Venture Corporation edged up by 0.08%. Additionally, Yangzijiang Shipbuilding rallied 1.53%, while other firms remained unchanged, including Thai Beverage, Wilmar International, Yangzijiang Financial, Mapletree Pan Asia Commercial Trust, Oversea-Chinese Banking Corporation, Emperador, and Jardine Cycle.

On Wall Street, the market presented little direction as major averages largely traded negatively for most of Wednesday before some late positive momentum led to mixed and minimal changes. The Dow increased by 139.53 points or 0.32% to close at 43,408.47. Meanwhile, the NASDAQ fell by 21.33 points or 0.11% to 18,966.14, and the S&P 500 edged up slightly by 0.13 points or 0.00% to 5,917.11.

The late session rally was driven by optimism ahead of Nvidia's earnings report; however, the results, although strong, did not quite meet the high expectations. Additionally, trading was relatively subdued due to the absence of significant U.S. economic data. Investors also remained cautious amid ongoing geopolitical tensions between Ukraine and Russia.

In the oil market, prices declined on Wednesday due to concerns over weak demand and an increase in U.S. crude inventories over the past week. West Texas Intermediate crude oil futures for December fell by $0.52, or 0.75%, settling at $68.87 per barrel.