As of November 22, 2024, the Singapore stock market is experiencing a slight downturn, with the Straits Times Index (STI) closing at 3,739.22 after losing almost 20 points, or 0.6%, over the past two sessions. This decline has been particularly noted in property and industrial stocks, with CapitaLand Investment sliding by 1.41%, while Genting Singapore and SingTel fell by 1.94% and 2.24%, respectively. Conversely, DBS Group and Singapore Technologies Engineering saw gains of 0.83% and 0.88%. [bcfcd7ca]
This recent performance contrasts with a rebound on Wall Street, where major indices closed higher on November 21, with the Dow Jones gaining 461.88 points (1.06%) to reach 43,870.35. The rise in U.S. markets was bolstered by a positive sentiment following the Federal Reserve's latest comments, which eased fears of immediate interest rate hikes. Additionally, oil prices increased by 1.96% to US$70.10 per barrel amid ongoing geopolitical tensions, further influencing market dynamics. [bcfcd7ca]
Looking ahead, Singapore's Q3 GDP figures are expected to be released soon, following a robust 4.1% year-on-year increase in the previous quarter. This upcoming data is anticipated to provide further insights into the economic landscape and could impact investor sentiment in the stock market. [bcfcd7ca]
In the context of these developments, the Singapore stock market had previously shown resilience, rising for three consecutive sessions earlier in November, with the STI reaching a high of 3,744.70. However, the recent global economic concerns and fluctuations in key sectors have led to a more cautious outlook for the STI moving forward. [88e1c3ff]