Singapore Bourse May See Additional Support On Thursday

Ahead of Wednesday’s holiday for Vesak Day, the Singapore stock market had moved higher in four straight sessions, collecting more than 40 points or 1.4 percent along the way. The Straits Times Index now rests just beneath the 3,150-point plateau and it’s expected to open in the green again on Thursday.

The global forecast for the Asian markets is cautiously optimistic, supported by oil and technology stocks. The European markets were mixed and flat and the U.S. bourses were slightly higher and the Asian markets figure to split the difference.

The STI finished modestly higher on Tuesday following gains from the financials, properties and industrials.

For the day, the index advanced 22.48 points or 0.72 percent to finish at 3,146.09 after trading between 3,132.22 and 3,149.39. Volume was 1.95 billion shares worth 1.29 billion Singapore dollars. There were 305 gainers and 173 decliners.

Among the actives, CapitaLand rallied 1.39 percent, while CapitaLand Integrated Commercial Trust fell 0.49 percent, City Developments climbed 1.47 percent, Comfort DelGro tumbled 1.82 percent, Dairy Farm International advanced 0.91 percent, DBS Group rose 0.67 percent, Genting Singapore soared 3.09 percent, Keppel Corp was up 0.19 percent, Mapletree Commercial Trust perked 0.98 percent, Mapletree Logistics Trust accelerated 1.52 percent, Oversea-Chinese Banking Corporation jumped 1.50 percent, SATS gathered 1.35 percent, SembCorp Industries surged 4.93 percent, Singapore Airlines spiked 2.53 percent, Singapore Exchange lost 0.58 percent, Singapore Press Holdings increased 0.57 percent, Singapore Technologies Engineering improved 0.26 percent, SingTel added 0.82 percent, Thai Beverage gained 0.72 percent, United Overseas Bank collected 0.78 percent, Yangzijiang Shipbuilding sank 0.69 percent and Ascendas REIT, Wilmar International and Jardine Strategic Holdings were unchanged.

The lead from Wall Street offers mild support as the major averages shook off a sluggish start on Wednesday and managed to finish in the green.

The Dow rose 10.59 points or 0.03 percent to finish at 34,323.05, while the NASDAQ climbed 80.82 points or 0.59 percent to close at 13,738.00 and the S&P 500 added 7.86 points or 0.19 percent to end at 4,195.99.

The modest strength on Wall Street reflected continued economic optimism as the country continues to reopen following the coronavirus pandemic as an increasing number of Americans receive a coronavirus vaccine.

But buying interest remained subdued as traders look ahead to Friday’s closely watched inflation reading, which could directly affect the current levels of stimulus.

Crude oil futures settled higher on Wednesday, rising for a fourth straight session as data showed a drop in U.S. crude inventories last week. West Texas Intermediate Crude oil futures for July ended up $0.14 or 0.2 percent at $66.21 a barrel.