Higher Open Anticipated For Singapore Stock Market

(RTTNews) – The Singapore stock market has moved higher in three straight sessions, gathering almost 45 points or 1.8 percent along the way. The Straits Times Index now sits just beneath the 2,540-point plateau and it may add to its winnings on Thursday.

The global forecast for the Asian markets suggests a higher open on renewed stimulus hopes, although some of the overbought bourses may see profit taking as the day progresses. The European markets were mixed and the U.S. bourses were firmly higher and the Asian markets figure to split the difference.

The STI finished slightly higher on Wednesday following gains from the financials, losses from the trusts and a mixed picture from the industrials.

For the day, the index added 9.10 points or 0.36 percent to finish at 2,538.36 after trading between 2,518.24 and 2,543.27. Volume was 1.01 billion shares worth 921.5 million Singapore dollars. There were 201 gainers and 187 decliners.

Among the actives, CapitaLand surged 1.81 percent, while CapitaLand Commercial Trust plunged 1.78 percent, Thai Beverage plummeted 1.68 percent, Keppel Corp soared 1.58 percent, CapitaLand Mall Trust tanked 1.53 percent, SembCorp Industries tumbled 1.50 percent, Yangzijiang Shipbuilding skidded 1.00 percent, Singapore Press Holdings sank 0.96 percent, SingTel dropped 0.92 percent, City Developments spiked 0.91 percent, Wilmar International rallied 0.88 percent, DBS Group jumped 0.77 percent, Genting Singapore climbed 0.73 percent, Ascendas REIT shed 0.62 percent, Singapore Technologies Engineering advanced 0.56 percent, Mapletree Commercial Trust lost 0.51 percent, Mapletree Logistics Trust fell 0.48 percent, Singapore Exchange slid 0.44 percent, SATS added 0.32 percent, Singapore Airlines gained 0.28 percent, United Overseas Bank collected 0.20 percent and Oversea-Chinese Banking Corporation and Comfort DelGro were unchanged.

The lead from Wall Street is broadly positive as stocks opened higher on Monday and stayed that way throughout the session, offsetting losses from the previous day.

The Dow spiked 530.70 points or 1.91 percent to finish at 28,303.46, while the NASDAQ jumped 210.00 points or 1.88 percent to end at 11,364.60 and the S&P 500 rallied 58.49 points or 1.74 percent to close at 3,419.44.

The rebound on Wall Street comes after President Donald Trump indicated he would support individual stimulus measures after calling off negotiations over a broader relief package.

Trump’s tweet that he would end negotiations on a new fiscal stimulus package sent shivers through the markets on Tuesday and triggered the sell-off.

Crude oil prices drifted lower on Wednesday on stimulus concerns and after data showed an increase in crude stockpiles last week. West Texas Intermediate Crude oil futures for November ended up $1.45 or 3.7 percent at $40.67 a barrel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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