Singapore Stock Market Anticipates A Rebound


The Singapore stock market on Thursday snapped the modest two-day winning streak in which it had collected almost 10 points or 0.3 percent. The Straits Times Index now rests just beneath the 3,250-point plateau although it figures to bounce higher again on Friday.

The global forecast for the oversold Asian markets is upbeat, with bargain hunting on the docket as window dressing before the end of the year. The European and U.S. markets were firmly higher and the Asian markets are tipped to follow suit.

The STI finished modestly lower on Thursday as losses from the financial shares and industrial issues were mitigated by support from the property sector.

For the day, the index shed 17.73 points or 0.54 percent to finish at 3,249.24 after trading between 3,234.93 and 3,257.00.

Among the actives, CapitaLand Integrated Commercial Trust added 0.50 percent, while City Developments rose 0.12 percent, Comfort DelGro declined 0.81 percent, DBS Group retreated 0.79 percent, Genting Singapore and United Overseas Bank both sank 0.52 percent, Hongkong Land advanced 0.88 percent, Keppel Corp fell 0.14 percent, Mapletree Logistics Trust slumped 0.63 percent, Oversea-Chinese Banking Corporation and SATS both tumbled 1.05 percent, Singapore Technologies Engineering gained 0.30 percent, SingTel retreated 0.78 percent, Thai Beverage plummeted 1.45 percent, Wilmar International tanked 1.18 percent, Yangzijiang Financial jumped 1.45 percent, Yangzijiang Shipbuilding plunged 1.44 percent and Ascendas REIT, Mapletree Pan Asia Commercial Trust, Mapletree Industrial Trust, SembCorp Industries, CapitaLand Investment, Emperador, Frasers Logistics and UOL Group were unchanged.

The lead from Wall Street is broadly positive as the major averages opened sharply higher and remained firmly elevated throughout the day, ending near session highs.

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