The Singapore stock market has moved lower on back-to-back trading days, falling more than 35 points or 1.2 percent along the way. The Straits Times Index now rests just beneath the 3,185-point plateau although it may find traction on Tuesday.
The global forecast for the Asian is mixed to higher, with bargain hunting and support from crude oil prices capped by a renewed spike in coronavirus cases in Asia. The European markets were up and the U.S. bourses were mixed and the Asian markets figure to split the difference.
The STI finished sharply lower on Monday following losses from the financial shares, property stocks and industrial issues.
For the day, the index dropped 33.51 points or 1.04 percent to finish at 3,184.76 after trading between 3,165.77 and 3,221.94. Volume was 1.71 billion shares worth 1.46 billion Singapore dollars. There were 345 decliners and 160 gainers.
Among the actives, Ascendas REIT eased 0.32 percent, while CapitaLand lost 1.34 percent, CapitaLand Integrated Commercial Trust tanked 2.33 percent, City Developments shed 1.52 percent, Comfort DelGro declined 1.74 percent, Dairy Farm International fell 1.15 percent, DBS Group dipped 1.07 percent, Genting Singapore surrendered 1.73 percent, Keppel Corp retreated 1.85 percent, Mapletree Commercial Trust tumbled 2.28 percent, Mapletree Logistics Trust slipped 1.01 percent, Oversea-Chinese Banking Corporation shed 0.49 percent, SATS weakened 0.74 percent, SembCorp Industries plunged 2.36 percent, Singapore Airlines skidded 2.17 percent, Singapore Exchange fell 0.48 percent, Singapore Press Holdings slid 1.09 percent, Singapore Technologies Engineering dropped 1.55 percent, SingTel sank 1.60 percent, Thai Beverage lost 0.70 percent, United Overseas Bank was down 0.41 percent, Wilmar International plummeted 4.02 percent and Yangzijiang Shipbuilding surged 2.80 percent.
The lead from Wall Street is mixed as stocks opened higher on Monday, although the NASDAQ soon fell into negative territory and could not recover.
The Dow climbed 238.38 points or 0.70 percent to finish at 34,113.23, while the NASDAQ shed 67.56 points or 0.48 percent to end at 13,895.12 and the S&P 500 advanced 11.49 points or 0.27 percent to close at 4,192.66.
Reopening plans sparked notable strength on the day after New York Governor Andrew Cuomo announced capacity limits for most businesses in New York, New Jersey and Connecticut will be lifted beginning May 19.
Traders remain optimistic about the economic outlook, but analysts have raised some concerns about valuations and a potential correction.
In economic news, the Institute for Supply Management reported an unexpected slowdown in the pace of growth in U.S. manufacturing activity in April.
Crude oil futures closed higher on Monday amid hopes energy demand will increase in the U.S. following the reopening of businesses ahead of the summer, while a weak dollar also contributed to oil's advance. West Texas Intermediate Crude oil futures for June ended up by $0.91 or 1.4 percent at $64.49 a barrel.
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