Renewed Support Likely For Singapore Stock Market

(RTTNews) - The Singapore stock market has moved lower in two of three trading days since the end of the two-day winning streak in which it had risen more than 25 points or 0.8 percent. The Straits Times Index now sits just above the 3,190-point plateau although it figures to bounce higher again on Thursday.

The global forecast for the Asian markets is mixed to higher on optimism over the outlook for interest rates. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.

The STI finished slightly lower on Wednesday following mixed performances from the financials, properties and industrials.

For the day, the index fell 6.20 points or 0.19 percent to finish at 3,192.87 after trading between 3,185.05 and 3,214.24.

Among the actives, CapitaLand Investment added 0.64 percent, while City Developments was up 0.45 percent, DBS Group dropped 0.74 percent, DFI Retail plunged 2.46 percent, Emperador advanced 1.00 percent, Genting Singapore and Keppel Corp both gained 0.60 percent, Jardine Matheson plummeted 5.11 percent, Mapletree Pan Asia Commercial Trust tumbled 2.14 percent, Mapletree Industrial Trust sank 0.45 percent, SATS improved 0.79 percent, SembCorp Industries fell 0.20 percent, Singapore Technologies Engineering rose 0.52 percent, SingTel strengthened 1.24 percent, Thai Beverage jumped 1.87 percent, Wilmar International climbed 1.08 percent, Yangzijiang Financial rallied 1.43 percent, Yangzijiang Shipbuilding increased 0.62 percent and Mapletree Logistics Trust, Hongkong Land, Ascendas REIT, CapitaLand Integrated Commercial Trust, Seatrium Limited, Oversea-Chinese Banking Corporation, Comfort DelGro and Frasers Logistics were unchanged.

The lead from Wall Street ends up positive as the major averages opened higher on Wednesday, slipped into the red midday but rallied late to end in positive territory.

The Dow added 65.57 points or 0.19 percent to finish at 33,804.87, while the NASDAQ jumped 96.83 points or 0.71 percent to close at 13,659.68 and the S&P 500 gained 18.71 points or 0.43 percent to end at 4,376.95.

The higher close on Wall Street came amid a continued decline by treasury yields, with yields pulling back further off their highest levels in over 16 years. Treasuries have recently benefited from their appeal as a safe haven amid the deadly conflict between Hamas and Israel.

Meanwhile, traders largely shrugged off a Labor Department report showing producer prices in the U.S. increased by slightly more than expected in September.

The Federal Reserve also released the minutes of its latest monetary policy meeting on Wednesday, reiterating that a majority of participants expect one more interest rate hike will likely be appropriate.

Crude oil futures settled lower on Wednesday, extending losses from the previous session, as Saudi Arabia's pledge to help stabilize the market outweighed concerns about supply disruptions amid the tensions in the Middle East. West Texas Intermediate Crude oil futures for November sank $83.49 a barrel, down $2.48 or 2.9 percent.