(RTTNews.com) – The Singapore stock market turned higher again on Tuesday, one session after it had snapped the five-day winning streak in which it had advanced more than 110 points or 3.6 percent. The Straits Times Index settled just above the 3,410-point plateau, and now the market may see renewed consolidation again on Wednesday.
The global forecast for the Asian markets is broadly negative, mostly due to disappointing earnings news. The European and U.S. markets ended firmly in the red and the Asian markets figure to follow suit.
The STI finished modestly higher on Tuesday as gains from the industrials and airlines were tempered by mixed performances from the financial shares and plantations.
For the day, the index collected 13.68 points or 0.40 percent to finish at 3,412.20 after trading between 3,406.89 and 3,428.49. Volume was 1.85 billion shares worth 1.49 billion Singapore dollars. There were 267 gainers and 187 decliners, with 487 stocks finishing unchanged.
Among the actives, Keppel Corp climbed 1.23 percent, while SIA jumped 1.12 percent, Golden Agri-Resources spiked 2.33 percent, Wilmar International shed 1.23 percent, Hongkong Land dropped 1.04 percent, DBS Group collected 0.50 percent, Oversea-Chinese Banking Corporation eased 0.29 percent, Singapore Exchange fell 0.77 percent and Thai Beverage advanced 2.04 percent.
The lead from Wall Street is soft as stocks moved sharply lower early on Tuesday and stayed that way throughout the session. The losses offset Monday’s modest gains, with the NASDAQ snapping its six-day winning streak.
The Dow tumbled 291.49 points or 1.7 percent to finish at 17,387.21, while the NASDAQ plunged 90.27 points or 1.9 percent to 4,681.50 and the S&P 500 slumped 27.54 points or 1.3 percent to 2,029.55.
A negative reaction to earnings news from several big-name companies contributed to the initial sell-off – including Microsoft ( MSFT ), Caterpillar ( CAT ), Procter & Gamble (PG) and DuPont ( DD ).
Negative sentiment was also generated by a report from the Commerce Department showing a substantial decrease in durable goods orders in December.
Traders largely shrugged off a pair of upbeat reports on new home sales and consumer confidence.
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