The Singapore stock market has inched higher in three straight sessions, collecting almost 15 points or 0.5 percent along the way. The Straits Times Index now sits just above the 3,075-point plateau and it’s expected to extend its gains on Thursday.
The global forecast for the Asian markets is positive on optimism over the outlook for interest rates. The European and U.S. markets were solidly higher and the Asian markets are expected to open in similar fashion.
The STI finished modestly higher on Wednesday following gains from the properties and mixed performances from the financial shares, REITs and industrials.
For the day, the index rose 9.03 points or 0.29 percent to finish at 3,076.77 after trading between 3,068.56 and 3,081.65.
Among the actives, City Developments and Hongkong Land both gathered 0.32 percent, while DBS Group advanced 0.55 percent, Emperador retreated 0.98 percent, Genting Singapore climbed 0.58 percent, Keppel Corp and Mapletree Industrial Trust both lost 0.32 percent, Mapletree Pan Asia Commercial Trust slumped 0.75 percent, Mapletree Logistics Trust rallied 0.68 percent, Oversea-Chinese Banking Corporation collected 0.31 percent, SATS rose 0.41 percent, Seatrium Limited plummeted 3.57 percent, SembCorp Industries surged 4.36 percent, Singapore Technologies Engineering added 0.53 percent, SingTel gained 0.42 percent, Thai Beverage spiked 0.93 percent, Wilmar International jumped 0.84 percent, Yangzijiang Financial tumbled 1.56 percent, Yangzijiang Shipbuilding sank 0.69 percent and Ascendas REIT, CapitaLand Integrated Commercial Trust, CapitaLand Investment, Comfort DelGro, DFI Retail and Frasers Logistics were unchanged.
The lead from Wall Street is strong as the major averages opened flat on Wednesday but took off as the day progressed, ending near session highs.
The Dow surged 221.71 points or 0.67 percent to finish at 33,274.58, while the NASDAQ rallied 210.23 points or 1.64 percent to end at 13,061.47 and the S&P 500 climbed 44.06 points or 1.05 percent to close at 4,237.86.
The strength on Wall Street came as stocks reacted positively to the Federal Reserve’s widely expected decision to leave interest rates unchanged.
The accompanying statement suggested the Fed is still considering additional rate hikes in an effort to return inflation to its 2 percent objective, but traders seem optimistic the recent cycle of increase is over.
In economic news, payroll processor ADP said private sector employment in the U.S. increased less than expected in October. Also, the Institute for Supply Management said manufacturing activity in the U.S. unexpectedly contracted at a faster rate last month.
Oil futures settled lower on Wednesday, weighed down by concerns that higher borrowing costs will likely hurt growth and the outlook for fuel demand. West Texas Intermediate Crude oil futures for December ended down $$0.58 or 0.7 percent at $80.44 a barrel.
Market Analysis
Win Streak May Continue For Singapore Stock Market
2023-11-02 00:00:05
