The Singapore stock market bounced higher again on Thursday, one day after ending the four-day winning streak in which it had rallied almost 110 points or 3.2 percent. The Straits Times Index now sits just above the 3,220-point plateau and it may add to its winnings on Friday.
The global forecast for the Asian markets is positive, with technology and energy stocks expected to lead the markets higher. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.
The STI finished slightly higher on Thursday following mixed performances from the financial shares, property stocks and industrial issues.
For the day, the index rose 5.83 points or 0.18 percent to finish at 3,222.94 after trading between 3,198.02 and 3,226.21.
Among the actives, Ascendas REIT spiked 1.82 percent, while CapitaLand Integrated Commercial Trust and Yangzijiang Financial both rallied 1.54 percent, CapitaLand Investment improved 1.05 percent, City Developments soared 2.15 percent, Comfort DelGro lost 0.71 percent, Emperador slumped 0.99 percent, Genting Singapore increased 0.98 percent, Keppel DC REIT surged 2.31 percent, Keppel Ltd added 0.96 percent, Mapletree Pan Asia Commercial Trust strengthened 1.44 percent, Mapletree Industrial Trust gathered 0.43 percent, Mapletree Logistics Trust rose 0.66 percent, Oversea-Chinese Banking Corporation collected 0.52 percent, SATS sank 0.76 percent, SembCorp Industries plunged 2.74 percent, Singapore Technologies Engineering jumped 1.53 percent, SingTel gained 0.84 percent, Thai Beverage advanced 0.97 percent, Wilmar International skyrocketed 4.60 percent, Yangzijiang Shipbuilding climbed 1.20 percent and Hongkong Land, DBS Group and Seatrium Limited were unchanged.
The lead from Wall Street is strong as the major averages opened higher and continued to climb as the day progressed, ending near session highs.
The Dow surged 456.87 points or 1.18 percent to finish at 39,069.11, while the NASDAQ soared 460.72 points or 2.96 percent to end at 16,041.62 and the S&P 500 rallied 105.23 points or 2.11 percent to close at 5,087.03.
The rally on Wall Street largely reflected a positive reaction to earnings news from Nvidia (NVDA), with the chipmaker spiking by 16.4 percent to a record closing high.
In U.S. economic news, the Labor Department reported an unexpected dip in first-time claims for U.S. unemployment benefits last week. Also, the National Association of Realtors noted a big rebound in existing home sales in January.
Crude oil prices climbed higher on Thursday as rising tensions in the Middle East raised the possibility of a near-term supply disruption. West Texas Intermediate crude oil futures for April added $0.70 or 0.9 percent at $78.61 a barrel. – RTT News
