The Singapore stock market has alternated between positive and negative finishes through the last four trading days since the end of the two-day winning streak in which it had added more than a dozen points or 0.4 percent. The Straits Times Index now sits just above the 3,075-point plateau and it’s tipped to open in the green again on Friday.
The global forecast for the Asian markets is upbeat, rising strong support from crude oil prices. The European markets were mixed and the U.S. bourses were firmly higher and the Asian markets are also tipped to open in the green.
The STI finished modestly higher on Thursday following gains from the financial shares, property stocks and industrial issues.
For the day, the index advanced 28.39 points or 0.93 percent to finish at 3,076.44 after trading between 3,057.36 and 3,092.22. Volume was 1.60 billion shares worth 1.24 billion Singapore dollars. There were 319 gainers and 160 decliners.
Among the actives, Ascendas REIT climbed 1.30 percent, while CapitaLand Integrated Commercial Trust improved 0.48 percent, City Developments rose 0.42 percent, Comfort DelGro surged 2.63 percent, Dairy Farm International lost 0.29 percent, DBS Group perked 0.85 percent, Genting Singapore jumped 1.36 percent, Hongkong Land skyrocketed 4.30 percent, Keppel Corp advanced 0.77 percent, Mapletree Commercial Trust was up 0.47 percent, Mapletree Logistics Trust gathered 0.96 percent, Oversea-Chinese Banking Corporation collected 0.53 percent, SATS soared 1.98 percent, SembCorp Industries accelerated 1.64 percent, Singapore Airlines spiked 1.82 percent, Singapore Exchange added 0.70 percent, Singapore Press Holdings rose 0.52 percent, Singapore Technologies Engineering perked 0.26 percent, SingTel improved 0.40 percent, Thai Beverage strengthened 1.55 percent, United Overseas Bank gained 0.59 percent, Wilmar International increased 0.49 percent, Yangzijiang Shipbuilding rallied 1.44 percent and CapitaLand was unchanged.
The lead from Wall Street is broadly positive as the major averages opened solidly higher on Thursday and remained in the green throughout the session.
The Dow surged 506.50 points or 1.48 percent to finish at 34,764.82, while the NASDAQ spiked 155.40 points or 1.04 percent to end at 15,052.24 and the S&P 500 jumped 53.34 points or 1.21 percent to close at 4,448.98.
The strength on Wall Street came amid easing concerns about Evergrande after the Chinese property developer reached a settlement with mainland bondholders.
The People’s Bank of China’s infusion of massive capital into the country’s banking system has also eased concerns about a potential default by Evergrande.
In economic news, the Labor Department said first-time claims for U.S. unemployment benefits unexpectedly increased for the second straight week in the week ended September 18.
Crude oil futures settled higher on Thursday amid prospects for a surge in energy demand and tighter supplies due to the slow recovery in the restoration of output in the Gulf of Mexico after recent hurricanes. West Texas Intermediate Crude oil futures for November ended up $1.07 or 1.5 percent at $73.30 a barrel.
Closer to home, Singapore will see August numbers for industrial production later today, with forecasts suggesting an increase of 3.1 percent on month and 8.8 percent on year. That follows the 2.6 percent monthly decline and the 16.3 percent yearly gain in July.
Market Analysis
Higher Open Expected For Singapore Stock Market
2021-09-23 23:59:58
