Singapore Market May Test Support At 3,400 Points

( – The Singapore stock market has alternated between positive and negative finishes through the last six trading days since the end of the two-day losing streak in which it had fallen almost 30 points or 0.9 percent. The Straits Times Index settled just below the 3,420-point plateau, and now the market is looking at further damage again on Tuesday.

The global forecast for the Asian markets is negative, thanks to concerns about the situation in Greece, which remains in debt negotiations with the other countries in the eurozone. The European and U.S. markets were down, and the Asian bourses are tipped to open in the red.

The STI finished modestly lower on Monday as losses from the plantation stocks, properties and telecoms were mitigated by support from the financial sector.

For the day, the index lost 13.34 points or 0.39 percent to finish at 3,418.02 after trading between 3,416.26 and 3,434.48. Volume was 1.08 billion shares worth 1.04 billion Singapore dollars. There were 268 decliners and 157 gainers, with 512 stocks finishing unchanged.

Among the actives, Keppel Corp dropped 2.80 percent, while CapitaLand lost 1.41 percent, SIA tumbled 2.39 percent, Golden Agri-Resources plunged 4.40 percent, Wilmar International shed 1.83 percent, Olam International retreated 1.48 percent, DBS Group collected 0.36 percent, Oversea-Chinese Banking Corporation added 0.47 percent and SingTel gave away 0.96 percent.

The lead from Wall Street is soft as stocks saw further downside on Monday, sliding back into negative territory for the New Year.

The Dow slid 95.08 points or 0.5 percent to 17,729.21, while the NASDAQ fell 18.39 points or 0.4 percent to 4,726.01 and the S&P 500 dropped 8.73 points or 0.4 percent to 2,046.74.

The latest news out of Greece raised concerns that the country could exit from the eurozone, potentially destabilizing the currency bloc.

In a speech to parliament, new Greek Prime Minister Alexis Tsipras reiterated his pre-election pledge to roll back austerity and reject an extension of the international bailout.

Nonetheless, selling pressure was subdued, with a lack of major U.S. economic data keeping some traders on the sidelines.

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SGX Singapore Update

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