The Singapore stock market has dipped in two of the last three trading days, following a brief winning streak where it gained over 20 points or 0.6%. The Straits Times Index (STI) now rests above the 3,585-point mark and could continue its slide into Friday.

Global forecasts suggest soft market activity in Asia, following modest declines in European and US markets. The STI saw a slight decrease on Thursday, with industrials declining and mixed results in financials and property sectors.

The index dropped 10.37 points or 0.29% to close at 3,585.29, fluctuating between 3,578.48 and 3,620.78 throughout the session.Active stocks included CapitaLand Integrated Commercial Trust, which fell 1.42%, City Developments down 0.38%, and Mapletree Pan Asia Commercial Trust and Comfort DelGro both dropping 1.36%. Keppel DC REIT soared 2.30%, while Yangzijiang Shipbuilding plummeted 2.75%.

Wall Street's lead hinted at consolidation, with the Dow down 57.88 points or 0.14% at 42,454.12, and the NASDAQ falling 9.57 points or 0.05% to 18,282.05. The S&P 500 also sank by 11.99 points or 0.21%, closing at 5,780.05.

The modest downturn followed a Labour Department report showing US inflation rising slightly more than expected in September. This tempered optimism around the Federal Reserve's potential interest rate cuts. Additionally, unemployment claims increased more than anticipated, dampening sentiment further.

Oil prices, however, surged due to tensions in the Middle East. West Texas Intermediate crude futures for November jumped by US$2.61 or 3.56%, settling at US$75.85 a barrel.

RTTNews