Singapore (Commonwealth Union)_ The Singapore Stock Exchange has experienced lower closing prices for five straight sessions, losing over 70 points or 2.3 percent during that time. Currently resting barely over the 3,080-point threshold, the Straits Times Index might sustain further losses on Thursday. As interest rates and the state of the world economy remain unclear, the outlook for the Asian markets is still dim globally. The Asian bourses are set to open similarly to how the European and American markets did, which were both marginally down.
Following losses in the real estate sector and inconsistent results in the banking and industrial sectors, the STI ended the day marginally down on Wednesday. For the day, the index sank 21.81 points or 0.70 percent to finish at 3,083.19 after trading between 3,081.50 and 3,107.52. Volume was 1.5 billion shares worth 1.3 billion Singapore dollars. There were 333 decliners and 203 gainers.
The members also downgraded their economic forecasts, expecting 2022 and 2023 GDP growth to be just 0.2 percent and 1.2 percent, respectively. This is much slower than the trend and a significant decline from 2021, which had the greatest growth since 1984.
The Producer Price Index for final demand in the United States rose by 0.4 percent month over month in September, marking the first gain in three months, according to the Labor Department. After OPEC lowered its demand prediction for this year, crude oil prices slid down on Wednesday, dropping for a third session in a row amid worries about the prospects for demand due to slowing global growth. November West Texas Intermediate Crude oil futures declined $2.02 or 2.26 percent to close at $87.33 a barrel. Singapore Standard Time (GMT+08:00) hours for the Singapore Exchange are 9:00 am to 12:00 pm and 1:00 pm to 5:00 pm, Monday through Friday. Every day, the Singapore Exchange closes for lunch or a break.
