The Singapore stock market has tracked higher in back-to-back sessions, collecting more than 20 points or 0.6 percent along the way. The Straits Times Index now rests just beneath the 3,175-point plateau and it’s poised to add to its winnings again on Thursday.
The global forecast for the Asian markets is upbeat, with technology stocks expected to fuel the rally. The European and U.S. markets were up and the Asian markets are expected to open in similar fashion.
The STI finished modestly higher on Wednesday following gains from the financial shares and industrial issues, while the properties were mixed.
For the day, the index gained 14.30 points or 0.45 percent to finish at 3,174.18 after trading between 3,147.22 and 3,182.95.
Among the actives, Ascendas REIT perked 0.37 percent, while CapitaLand Integrated Commercial Trust gained 0.53 percent, CapitaLand Investment advanced 0.66 percent, City Developments rallied 0.76 percent, DBS Group and SingTel both improved 0.43 percent, Emperador dropped 0.98 percent, Genting Singapore added 0.55 percent, Hongkong Land fell 0.29 percent, Keppel Corp eased 0.15 percent, Mapletree Pan Asia Commercial Trust surged 2.00 percent, Mapletree Industrial Trust rose 0.46 percent, Oversea-Chinese Banking Corporation collected 0.57 percent, SATS soared 1.20 percent, Seatrium Limited climbed 0.74 percent, Singapore Technologies Engineering jumped 1.06 percent, Wilmar International sank 0.56 percent, Yangzijiang Shipbuilding spiked 1.18 percent and Mapletree Logistics Trust, Yangzijiang Financial, SembCorp Industries, Thai Beverage and Comfort DelGro were unchanged.
The lead from Wall Street is positive as the major averages opened higher and accelerated as the day progressed, ending near session highs.
The Dow gained 184.15 points or 0.54 percent to finish at 34,472.98, while the NASDAQ spiked 215.16 points or 1.59 percent to end at 13,721.03 and the S&P 500 added 48.46 points or 1.10 percent to close at 4,436.01.
The spike by the Nasdaq came as tech stocks rallied ahead of earnings news from Nvidia (NVDA), and the chipmaker released strong fiscal second quarter results after the close of trading.
A steep drop by bond yields also generated some buying interest, as the 10-year yield pulled back further off highest levels in well over 15 years.
In economic news, S&P noted a slowdown in the pace service sector activity and a contraction in manufacturing activity in August. Also, the Commerce Department said new home sales rebounded much more than expected in July.
Crude oil futures settled lower Wednesday amid concerns about the outlook for oil demand after data showed a decline in global manufacturing activity. West Texas Intermediate Crude oil futures for October ended lower by $0.75 or 0.9 percent at $78.89 a barrel.
Market Analysis
Singapore Bourse May Extend Winning Streak
2023-08-24 00:00:55
