The Singapore stock market has climbed higher in wo of three trading days since the end of the three-day losing streak in which it had slumped more than 35 points or 1 percent. The Straits Times Index now rests just above the 3,455-point plateau and it’s expected to add to its winnings on Thursday.
The global forecast for the Asian markets is upbeat on an improved outlook for interest rates. The European and U.S. markets were solidly higher and the Asian bourses are expected to follow suit.
The STI finished modestly higher on Wednesday following gains from the financial and industrial shares and a mixed performance from the property sector.
For the day, the index added 14.17 points or 0.41 percent to finish at 3,455.94 after trading between 3,442.55 and 3,463.10.
Among the actives, CapitaLand Integrated Commercial Trust gained 0.48 percent, while
CapitaLand Investment fell 0.37 percent, City Developments rose 0.38 percent, Comfort DelGro strengthened 1.45 percent, DBS Group perked 0.08 percent, Emperador climbed 1.18 percent, Hongkong Land tumbled 1.52 percent, Keppel DC REIT lost 0.49 percent, Keppel Ltd rallied 1.68 percent, Mapletree Pan Asia Commercial Trust sank 0.78 percent, Mapletree Logistics Trust was up 0.05 percent, Oversea-Chinese Banking Corporation collected 0.34 percent, SATS soared 3.47 percent, Seatrium Limited surged 4.35 percent, SembCorp Industries accelerated 1.71 percent, Singapore Technologies Engineering advanced 0.68 percent, Wilmar International added 0.63 percent, Yangzijiang Financial jumped 1.49 percent, Yangzijiang Shipbuilding spiked 3.07 percent and SingTel, Thai Beverage, Mapletree Industrial Trust and Genting Singapore were unchanged.
The lead from Wall Street is broadly positive as the major averages opened higher on Wednesday and remained in the green throughout the session.
The Dow gained 99.46 points or 0.24 percent to finish at 40,842.79, while the NASDAQ surged 451.98 points or 2.64 percent to end at 17,599.40 and the S&P 500 rallied 85.86 points or 1.58 percent to close at 5,522.30.
The early rally on Wall Street reflected a positive reaction to the latest corporate earnings news from companies like Advanced Micro Devices (AMD), Starbucks (SBUX) and DuPont (DD).
Stocks continued to see strength after the Federal Reserve’s monetary policy announcement. While the Fed left interest rates unchanged, as expected, minor changes to the accompanying statement may hint at future rate cuts.
Fed Chair Jerome Powell said in his post-meeting press conference that a rate cut in September would be “on the table” if economic data continues on its current path.
Oil prices rose sharply Wednesday amid concerns about possible supply disruptions due to rising tensions in the Middle East, and on data showing a larger than expected drop in U.S. crude inventories last week. West Texas Intermediate Crude oil futures for September ended up $3.18 or 4.3 percent at $77.91 a barrel.
Market Analysis
Singapore Stock Market Poised For Additional Support
2024-08-01 00:00:22
