The Singapore stock market ticked higher again on Thursday, one session after ending the two-day winning streak in which it had jumped almost 90 points or 3 percent. The Straits Times Index now rests just beneath the 3,110-point plateau and it may add to its winnings on Friday.
The global forecast for the Asian markets is positive, with bargain hunting expected to provide a boost, especially among oversold technology stocks. The European and U.S. markets were firmly higher and the Asian markets are expected to follow suit.
The STI finished slightly higher on Thursday following mixed performances from the financial shares and property stocks.
For the day, the index rose 5.60 points or 0.18 percent to finish at 3,109.81 after trading between 3,102.75 and 3,128.77. Volume was 1.58 billion shares worth 1.34 billion Singapore dollars. There were 239 gainers and 199 decliners.
Among the actives, Ascendas REIT shed 0.34 percent, while CapitaLand lost 0.28 percent, City Developments accelerated 1.08 percent, Comfort DelGro rallied 0.62 percent, Dairy Farm International fell 0.23 percent, DBS Group jumped 0.92 percent, Genting Singapore climbed 0.64 percent, Keppel Corp rose 0.19 percent, Mapletree Commercial Trust skidded 0.49 percent, Oversea-Chinese Banking Corporation sank 0.42 percent, SATS and Singapore Technologies Engineering both gained 0.27 percent, Singapore Airlines spiked 1.28 percent, Singapore Exchange advanced 0.59 percent, Singapore Press Holdings surged 5.36 percent, SingTel added 0.41 percent, United Overseas Bank collected 0.28 percent, Wilmar International tumbled 1.24 percent, Yangzijiang Shipbuilding soared 1.40 percent and Mapletree Logistics Trust, CapitaLand Integrated Commercial Trust, SembCorp Industries, Thai Beverage and Jardine Strategic Holdings were unchanged.
The lead from Wall Street is upbeat as the major averages opened higher on Thursday and picked up steam as the day progressed, cutting into the losses from the previous two days.
The Dow jumped 188.11 points or 0.55 percent to finish at 34,084.15, while the NASDAQ spiked 236.00 points or 1.77 percent to end at 13,535.74 and the S&P 500 advanced 43.44 points or 1.06 percent to close at 4,159.12.
The support on Wall Street came in reaction to the sell-off in the previous session, with upbeat earnings and optimism about global economic recovery helping to offset inflation worries and fears about monetary easing.
In economic news, the Labor Department said unemployment claims in the U.S. dropped last week to their lowest since the week ended March 14. Also, the Philadelphia Fed Manufacturing Index fell in May from a 50-year high in April.
Crude oil prices fell sharply Thursday, extending losses to a third straight day as signs of progress in Iran nuclear talks raised expectations that global crude supply will see a surge in the near term. West Texas Intermediate Crude oil futures for June ended down by $1.31 or 2.1 percent at $62.05 a barrel on the expiration day.
Market Analysis
Singapore Stock Market May Extend Thursday’s Gains
2021-05-21 00:03:10
