The Singapore stock market has finished higher in consecutive trading days, gaining more than 50 points or 1.6 percent along the way. The Straits Times Index now rests just above the 3,290-point plateau and it’s got another strong lead for Thursday’s trade.
The global forecast for the Asian markets is upbeat on an improved outlook for interest rates. The European and U.S. markets finished higher and the Asian bourses are expected to open in similar fashion.
The STI finished modestly higher on Wednesday following gains from the financial shares and property stocks, while the trusts and industrials were mixed.
For the day, the index added 14.13 points or 0.43 percent to finish at 3,290.49 after trading between 3,270.03 and 3,290.56.
Among the actives, Ascendas REIT jumped 1.09 percent, while CapitaLand Integrated Commercial Trust lost 0.48 percent, City Developments added 0.36 percent, Comfort DelGro dropped 0.81 percent, DBS Group climbed 0.69 percent, Genting Singapore and Oversea-Chinese Banking, Corporation both advanced 0.57 percent, Hongkong Land strengthened 0.75 percent, Keppel Corp rose 0.13 percent, Mapletree Pan Asia Commercial Trust slumped 1.16 percent, Mapletree Industrial Trust declined 1.33 percent, SATS sank 0.74 percent, SembCorp Industries retreated 1.23 percent, Singapore Exchange skidded 0.98 percent, Singapore Technologies Engineering tumbled 1.72 percent, SingTel fell 0.37 percent, Thai Beverage soared 1.60 percent, United Overseas Bank spiked 1.30 percent, Wilmar International gained 0.24 percent, Yangzijiang Shipbuilding surged 2.88 percent and Mapletree Logistics Trust, CapitaLand Investment, Yangzijiang Financial and Venture Corporation were unchanged.
The lead from Wall Street ends up sharply positive as the major averages opened fairly flat and stayed that way before exploding higher late in the day.
The Dow surged 737.24 points or 2.18 percent to finish at 34,589.77, while the NASDAQ soared 484.22 points or 4.41 percent to end at 11,468.00 and the S&P 500 rallied 122.48 points or 3.09 percent to close at 4,080.11.
The rally on Wall Street came as Federal Reserve Chair Jerome Powell’s remarks provided further evidence the central bank plans to slow its aggressive pace of interest rate hikes as soon as next month.
The Fed’s next monetary policy meeting is scheduled for December 13-14, with CME Group’s FedWatch Tool currently indicating a 77.0 percent chance of a 50-basis point rate hike and a 23.0 percent chance of a fifth straight 75-basis point rate hike.
In economic news, payroll processor ADP noted slower than expected private sector job growth in November, while the Commerce Department reported an unexpected upward revision to GDP growth in the third quarter.
Crude oil futures surged on Wednesday after data showed a steep drop in U.S. crude inventories last week. Expectations of increased demand from China and a weaker dollar also contributed to the jump in oil prices. West Texas Intermediate Crude oil futures for January ended higher by $2.35 or 3 percent at $80.55 a barrel.
Market Analysis
Win Streak May Continue For Singapore Stock Market
2022-12-01 00:00:16
