Singapore Stock Market Tipped To Add To Its Winnings On Friday

The Singapore stock market on Thursday ended the four-day losing streak in which it had tumbled more than 65 points or 2.2 percent. The Straits Times Index now rests just beneath the 3,175-point plateau and it’s predicted to open in the green again on Friday.

The global forecast for the Asian markets suggests mild upside, with optimism for economic recovery offset by the latest coronavirus surge in Japan and India. The European and U.S. markets finished higher and the Asian bourses are tipped to open in similar fashion.

The STI finished modestly higher on Thursday following gains from the financial shares, property stocks and industrial issues.

For the day, the index gained 19.41 points or 0.62 percent to finish at 3,173.00 after trading between 3,157.88 and 3,178.24. Volume was 1.79 billion shares worth 1.43 billion Singapore dollars. There were 283 gainers and 172 decliners.

Among the actives, Ascendas REIT added 0.67 percent, while CapitaLand rallied 1.13 percent, CapitaLand Integrated Commercial Trust accelerated 1.44 percent, City Developments rose 0.13 percent, Dairy Farm International shed 0.46 percent, DBS Group advanced 0.75 percent, Genting Singapore sank 0.59 percent, Keppel Corp gathered 0.95 percent, Mapletree Commercial Trust climbed 0.96 percent, Mapletree Logistics Trust jumped 1.02 percent, Oversea-Chinese Banking Corporation spiked 1.64 percent, SembCorp Industries gained 0.50 percent, Singapore Airlines and Hongkong Land both gained 0.41 percent, Singapore Exchange lost 0.29 percent, Singapore Technologies Engineering perked 0.80 percent, SingTel soared 1.66 percent, United Overseas Bank collected 0.46 percent, Wilmar International fell 0.20 percent, Yangzijiang Shipbuilding surged 4.11 percent and Comfort DelGro, Singapore Press Holdings, SATS, Thai Beverage and Jardine Strategic Holdings were unchanged.

The lead from Wall Street is upbeat as stocks shrugged off early weakness on Thursday to finish in the green.

The Dow jumped 318.19 points or 0.93 percent to finish at 34,548.53, while the NASDAQ gained 50.42 points or 0.37 percent to end at 13,632.84 and the S&P 500 climbed 34.03 points or 0.82 percent to close at 4,201.62.

The strength on Wall Street followed a Labor Department report showing first-time claims for U.S. unemployment benefits fell much more than expected last week.

Later today, the Labor Department is scheduled to release its more closely watched monthly employment report for April.

Crude oil futures finished lower on Thursday, extending losses from previous session amid worries about outlook for energy demand. West Texas Intermediate Crude oil futures for June were down $0.92 or 1.4 percent at $64.71 a barrel.