Continued Consolidation Tipped For Singapore Shares

(RTTNews) - The Singapore stock market on Thursday snapped the two-day winning streak in which it had climbed more than 105 points or 2.1 percent. The Straits Times Index now rests just above the 4,855-point plateau and it's likely to open under pressure again on Friday.

The global forecast for the Asian markets remains negative on surging oil prices and raging war in the Middle East. The European and U.S. markets were down and the Asian bourses are expected to follow suit.

The STI finished slightly lower on Thursday following losses from the financial shares, property stocks and industrial issues.

For the day, the index slipped 8.48 points or 0.17 percent to finish at 4,855.33 after trading between 4,819.62 and 4,869.45.

Among the actives, CapitaLand Ascendas REIT fell 0.39 percent, while CapitaLand Investment improved 0.70 percent, City Developments was down 0.22 percent, DBS Group sank 0.63 percent, DFI Retail Group plummeted 5.26 percent, Genting Singapore and Yangzijiang Shipbuilding both tumbled 1.47 percent, Hongkong Land climbed 1.07 percent, Keppel DC REIT lost 0.44 percent, Keppel Ltd dropped 0.65 percent, Oversea-Chinese Banking Corporation shed 0.53 percent, SATS slumped 1.08 percent, Seatrium Limited advanced 0.84 percent, SembCorp Industries skidded 0.86 percent, Singapore Exchange slipped 0.38 percent, Singapore Technologies Engineering added 0.54 percent, Thai Beverage jumped 1.14 percent, United Overseas Bank collected 0.42 percent, UOL Group plunged 2.81 percent, Wilmar International rallied 1.08 percent and Mapletree Pan Asia Commercial Trust, Mapletree Industrial Trust, Mapletree Logistics Trust, Frasers Logistics & Commercial Trust, CapitaLand Integrated Commercial Trust, Singapore Airlines and SingTel were unchanged.

The lead from Wall Street is weak as the major averages opened firmly in the red and remained under water throughout the session, ending at daily lows.

The Dow tumbled 739.42 points or 1.56 percent to finish at 46,677.85, while the NASDAQ plunged 404.15 points or 1.78 percent to end at 22,311.98 and the S&P 500 slumped 103.18 points or 1.52 percent to close at 6,672.62.

The sell-off on Wall Street came amid another sharp increase by the price of crude oil, as oil prices further offset the nosedive seen on Tuesday.

Crude oil prices surged on Thursday after the new leadership in Iran refused to bow down to U.S. pressure in the raging Middle East war and instead vowed revenge. West Texas Intermediate crude for April delivery was up $7.45 or 8.54 percent at $94.70 per barrel.

The extended rebound by the price of crude oil came amid reports three more foreign ships were struck in the Persian Gulf overnight, adding to concerns about transit through the strategically vital Strait of Hormuz.

In U.S. economic news, the Labor Department said first-time claims for U.S. unemployment benefits edged slightly lower last week.