(RTTNews.com) – The Singapore stock market on Monday halted the five-day winning streak in which it had advanced more than 110 points or 3.6 percent. The Straits Times Index ended just shy of the 3,400-point plateau, although the market may reclaim that level on Tuesday.
The global forecast for the Asian markets is flat to higher, with traders likely waiting on the Federal Reserve’s monetary policy announcement later this week – although concerns about the political situation in Greece may limit the upside. The European and U.S. markets were higher on Monday, and the Asian bourses are tipped to at least open in the green.
The STI finished modestly lower on Monday following losses from the financial shares, property stocks and industrial issues.
For the day, the index lost 12.98 points or 0.38 percent to finish at 3,398.52 after trading between 3,393.24 and 3,409.75. Volume was 1.41 billion shares worth 1.48 billion Singapore dollars.
Among the actives, Keppel Corp added 0.74 percent, while City Developments tumbled 3.51 percent, CapitaMall Trust dropped 1.78 percent, DBS Group dropped 1.14 percent, United Overseas Bank fell 1.61 percent, Noble Group lost 2.86 percent, SembCorp Marine plunged 3.23 percent, Singapore Press gained 1.38 percent and SingTel advanced 0.50 percent.
The lead from Wall Street is cautiously optimistic as stocks moved higher on Monday shaking off an early move to the downside and extending the NASDAQ’s winning streak to six sessions.
The Dow inched up 6.10 points or less than a tenth of a percent to 17,678.70, while the NASDAQ rose 13.88 points or 0.3 percent to 4,771.76 and the S&P 500 climbed 5.27 points or 0.3 percent to 2,057.09.
The early weakness reflected the political situation in Greece after the anti-austerity Syriza party emerged victorious in the parliamentary elections on Sunday. Syriza may seek to abandon budget constraints and write off Greek debt.
Nonetheless, selling pressure waned as traders seemed reluctant to make any significant moves ahead of the Federal Reserve’s monetary policy announcement on Wednesday. The Fed is widely expected to leave interest rates unchanged, although traders are likely to pay close attention to any changes to the accompanying statement.
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