The Singapore stock market is expected to continue its downward trend following two consecutive sessions of losses that shaved over 40 points or 1.1% off the Straits Times Index (STI). As of Wednesday, the STI closed at 3,779.62, down 20.31 points or 0.53%, with losses primarily stemming from financial counters and mixed performances among property and industrial stocks.
Key active stocks reflected a bearish sentiment:
DBS Group fell by 1.90%.
Oversea-Chinese Banking Corporation dropped 0.71%.
City Developments and UOL Group each slipped 0.19%.
Conversely, selected stocks showed resilience:
SATS gained 0.56%.
Singapore Technologies Engineering rose 1.11%.
SingTel advanced 0.96%.
The anticipated pressure follows cues from Wall Street, where markets plummeted after the Federal Reserve's interest rate decision. While the Fed delivered a widely expected quarter-point rate cut, its revised outlook hinted at fewer rate cuts in 2025 due to higher-than-expected inflation forecasts.
The Dow Jones Industrial Average dropped 2.58%, the S&P 500 declined 2.95%, and the Nasdaq fell 3.56%.
The Asian markets, including Singapore, are likely to follow this bearish trajectory as investors reassess their positions amidst rising global economic uncertainties.
RTTNews
