The Singapore stock market has moved higher in two straight sessions, collecting more than 50 points or 1.4 percent along the way. The Straits Times Index now sits just above the 3,250-point plateau and it may extend its gains on Thursday.
The global forecast for the Asian markets is upbeat on continued optimism over the outlook for interest rates. The European and U.S. markets were up and the Asian bourses figure to follow suit.
The STI finished modestly higher on Wednesday following mixed performances from the financial shares, property stocks and industrial issues.
For the day, the index added 18.38 points or 0.57 percent to finish at 3,251.71 after trading between 3,242.36 and 3,262.52.
Among the actives, CapitaLand Integrated Commercial Trust gained 0.51 percent, while CapitaLand Investment gathered 0.36 percent, City Developments advanced 0.85 percent, Comfort DelGro slumped 0.71 percent, DBS Group jumped 1.52 percent, Emperador plummeted 3.33 percent, Hongkong Land declined 0.97 percent, Keppel DC REIT added 0.59 percent, Keppel Ltd sank 0.40 percent, Oversea-Chinese Banking Corporation collected 0.29 percent, SATS lost 0.39 percent, Seatrium Limited plunged 2.47 percent, SembCorp Industries spiked 1.88 percent, Singapore Technologies Engineering fell 0.25 percent, SingTel rose 0.40 percent, Thai Beverage rallied 1.03 percent, Wilmar International climbed 0.88 percent, Yangzijiang Financial retreated 1.54 percent, Yangzijiang Shipbuilding tumbled 1.60 percent and Mapletree Pan Asia Commercial Trust, Mapletree Industrial Trust, Mapletree Logistics Trust, Genting Singapore, Frasers Logistics and UOL Group were unchanged.
The lead from Wall Street is positive as the major averages opened higher on Wednesday and largely stayed that way throughout the session.
The Dow surged 477.75 points or 1.22 percent to finish at 39,760.08, while the NASDAQ rallied 83.82 points or 0.51 percent to close at 16,399.52 and the S&P 500 gained 44.91 points or 0.86 percent to end at 5,248.49.
The strength on Wall Street came as traders again looked to pick up stocks at reduced levels after the previous day’s mediocre performance.
A decrease by treasury yields also contributed to the strength in the markets amid ongoing optimism about the outlook for interest rates following the Federal Reserve’s monetary policy announcement last week. While the Fed left interest rates unchanged, as expected, officials kept their forecast for three rate cuts this year.
Crude oil prices dropped on Wednesday after data showed an unexpected increase in U.S. crude and gasoline inventories last week. West Texas Intermediate Crude oil futures for May ended lower by $0.27 or 0.33 percent at $81.35 a barrel.
The markets are closed on Good Friday.
Market Analysis
Win Streak May Continue For Singapore Stock Market
2024-03-27 23:31:20
