Singapore Stock Market May Extend Winning Streak

The Singapore stock market has moved higher in two straight sessions, collecting more than 10 points or 0.3 percent along the way. The Straits Times Index now rests just beneath the 3,120-point plateau and it may add to its winnings on Friday.

The global forecast for the Asian markets is positive on renewed optimism for economic recovery. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.

The STI finished barely higher on Thursday following mixed performances from the financial shares, property stocks and industrial issues.

For the day, the index was up 1.00 point or 0.03 percent to finish at 3,119.62 after trading between 3,116.31 and 3,131.23. Volume was 1.48 billion shares worth 983.8 million Singapore dollars. There were 231 gainers and 223 decliners.

Among the actives, Ascendas REIT advanced 0.67 percent, while CapitaLand shed 0.53 percent, CapitaLand Integrated Commercial Trust retreated 0.95 percent, City Developments improved 0.41 percent, Dairy Farm International lost 0.47 percent, DBS Group collected 0.58 percent, Genting Singapore dropped 0.57 percent, Mapletree Commercial Trust rose 0.46 percent, Mapletree Logistics Trust added 0.49 percent, SATS tumbled 1.23 percent, SembCorp Industries gained 0.47 percent, Singapore Airlines skidded 1.20 percent, Singapore Exchange sank 0.63 percent, Singapore Technologies Engineering slid 0.26 percent, SingTel increased 0.43 percent, Thai Beverage declined 0.72 percent, United Overseas Bank eased 0.12 percent, Wilmar International fell 0.44 percent, Yangzijiang Shipbuilding climbed 0.72 percent and Comfort DelGro, Singapore Press Holdings, Oversea-Chinese Banking Corporation and Keppel Corp were unchanged.

The lead from Wall Street is firm as stocks opened solidly higher on Friday and remained comfortably in the green throughout the session.

The Dow spiked 322.58 points or 0.95 percent to finish at 34,196.82, while the NASDAQ jumped 97.98 points or 0.69 percent to end at 14,369.71 and the S&P 500 gained 24.65 points or 0.58 percent to close at 4,266.49.

The strength on Wall Street reflected a resumption of the upward momentum seen earlier in the week, which helped lift the Dow well off its lowest levels in over two months.

Positive sentiment may also have been generated in reaction to a Labor Department report showing a modest decrease in first-time claims for U.S. unemployment benefits last week.

News that President Joe Biden and a bipartisan group of Senators have reached an agreement on a new infrastructure plan may also have helped support the markets.

Crude oil futures settled slightly higher Thursday, continuing to benefit from data that showed a larger than expected drop in U.S. crude inventories last week. West Texas Intermediate Crude oil futures for August ended up $0.22 or 0.3 percent at $73.30 per barrel.