The Singapore stock market bounced higher again on Thursday, one session after snapping the two-day winning streak in which it had collected more than 30 points or 1 percent. The Straits Times Index now sits just above the 3,180-point plateau and it may add to its winnings on Friday.
The global forecast for the Asian markets is upbeat amid bargain hunting from technology stocks, capped by stalled crude oil prices. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.
The STI finished barely higher on Thursday following mixed performances from the financials and properties.
For the day, the index was up 2.80 points or 0.09 percent to finish at 3,182.80 after trading between 3,179.29 and 3,196.07. Volume was 1.54 billion shares worth 1.03 billion Singapore dollars. There were 243 decliners and 223 gainers.
Among the actives, Ascendas REIT gained 0.32 percent, while CapitaLand Integrated Commercial Trust advanced 0.46 percent, City Developments jumped 2.27 percent, Dairy Farm International tumbled 1.41 percent, DBS Group eased 0.13 percent, Keppel Corp sank 0.74 percent, Mapletree Commercial Trust dropped 0.47 percent, SATS lost 0.25 percent, Singapore Airlines shed 0.39 percent, Singapore Exchange skidded 0.91 percent, Singapore Technologies Engineering climbed 1.24 percent, SingTel spiked 2.60 percent, Wilmar International added 0.45 percent and Yangzijiang Shipbuilding, Mapletree Logistics Trust, Genting Singapore, SembCorp Industries, Thai Beverage, Oversea-Chinese Banking Corporation, United Overseas Bank, Singapore Press Holdings, Comfort DelGro and CapitaLand all were unchanged.
The lead from Wall Street suggests mild upside as the major averages opened lower on Thursday but gradually broke into positive territory as the day progressed, ending in the green.
The Dow rose 14.48 points or 0.04 percent to finish at 35,499.85, while the NASDAQ added 51.13 points or 0.35 percent to close at 14,816.26 and the S&P 500 gained 13,13 points or 0.30 percent to end at 4,460.83.
The choppy trading on Wall Street comes as traders digest separate reports from the Labor Department on weekly jobless claims and producer price inflation.
The Labor Department said initial jobless claims edged down to 375,000 last week, a decrease of 12,000 from the previous week’s revised level of 387,000. Also, the Labor Department said its producer price index for final demand surged 1.0 percent in July, matching the jump in June.
Crude oil prices drifted lower Thursday on concerns about outlook for energy demand after an International Energy Agency report said oil demand growth will likely ebb in the second half of the year. West Texas Intermediate Crude oil futures for September ended down by $0.16 or 0.2 percent at $69.09 a barrel.
Market Analysis
Additional Support Called For Singapore Stock Market
2021-08-13 00:00:29
