The Singapore stock market has moved higher in back-to-back sessions, improving more than 45 points or 1.5 percent along the way. The Straits Times Index now rests just above the 3,150-point plateau although it’s likely to open under pressure on Thursday.
The global forecast for the Asian markets is soft on recession fears and concerns about the outlook for interest rates. The European and U.S. markets were modestly lower and the Asian bourses are tipped to follow suit.
RTT News cited the STI finished modestly higher on Wednesday following gains from the financial shares and the property stocks, while the industrials were mixed.
For the day, the index gained 14.33 points or 0.46 percent to finish at 3,153.23 after trading between 3,145.80 and 3,161.65. Volume was 1.66 billion shares worth 1.15 billion Singapore dollars. There were 307 gainers and 230 decliners.
Among the actives, Ascendas REIT rose 0.37 percent, while CapitaLand Integrated Commercial Trust surged 2.08 percent, CapitaLand Investment spiked 2.01 percent, City Developments added 0.64 percent, Comfort DelGro dropped 0.78 percent, DBS Group was up 0.12 percent, Emperador soared 2.06 percent, Genting Singapore advanced 1.26 percent, Hongkong Land jumped 1.76 percent, Keppel Corp perked 0.29 percent, Mapletree Pan Asia Commercial Trust strengthened 1.71 percent, Mapletree Industrial Trust improved 0.84 percent, Mapletree Logistics Trust rallied 1.94 percent, Oversea-Chinese Banking Corporation collected 0.50 percent, SATS slumped 1.34 percent, SembCorp Industries declined 1.29 percent, Singapore Technologies Engineering gained 0.57 percent, SingTel tumbled 2.30 percent, United Overseas Bank climbed 1.34 percent, Wilmar International lost 0.53 percent, Yangzijiang Financial retreated 1.33 percent and Yangzijiang Shipbuilding and Thai Beverage were unchanged.
The lead from Wall Street suggests mild consolidation as the major averages opened sharply lower but clawed their way back as the day progressed to end only slightly in the red.