Singapore Bourse May Add To Its Winnings On Friday

(RTTNews) - The Singapore stock market has finished higher in two straight sessions, advancing almost 60 points or 1.4 percent along the way. The Straits Times Index now sits just above the 4,355-point plateau and it may extend its winning streak on Friday.

The global forecast for the Asian markets is upbeat on an improved outlook for interest rates. The European and U.S. markets were up and the Asian bourses are expected to follow that lead.

The STI finished slightly higher on Thursday as gains from the properties and industrials were offset by weakness from the financial sector.

For the day, the index gained 9.36 points or 0.22 percent to finish at 4,355.82 after trading between 4,342.30 and 4,367.51.

Among the actives, CapitaLand Ascendas REIT advanced 0.71 percent, while CapitaLand Integrated Commercial Trust climbed 0.87 percent, City Developments jumped 1.35 percent, Comfort DelGro improved 0.68 percent, DBS Group fell 0.30 percent, DFI Retail Group spiked 1.53 percent, Genting Singapore slumped 0.65 percent, Hongkong Land added 0.47 percent, Keppel DC REIT and Seatrium Limited both gained 0.43 percent, Keppel Ltd rose 0.35 percent, Mapletree Industrial Trust rallied 0.95 percent, Oversea-Chinese Banking Corporation perked 0.18 percent, SATS shed 0.31 percent, SembCorp Industries increased 0.49 percent, Singapore Technologies Engineering soared 1.75 percent, Thai Beverage stumbled 1.08 percent, United Overseas Bank eased 0.06 percent, UOL Group surged 3.92 percent, Wilmar International sank 0.34 percent, Yangzijiang Shipbuilding gathered 0.31 percent and Mapletree Pan Asia Commercial Trust, Yangzijiang Financial, CapitaLand Investment, Mapletree Logistics Trust and SingTel were unchanged.

The lead from Wall Street is positive as the major averages opened higher on Thursday and remained in the green throughout the trading day.

The Dow surged 617.08 points or 1.36 percent to finish at 46,108.00, while the NASDAQ rallied 157.01 points or 0.72 percent to end at 22,043.07 and the S&P 500 gained 55.43 points or 0.85 percent to close at 6,587.47.

The strength on Wall Street came amid a positive reaction to separate Labor Department reports on consumer price inflation and weekly jobless claims, further boosting the chances of a rate cut.

A closely watched Labor Department report showed U.S. consumer prices rose by slightly more than expected in August. Also, first-time claims for U.S. unemployment benefits unexpectedly increased last week.

Following the reports, CME Group's FedWatch Tool is currently indicating 94.8 percent chance the Federal Reserve will lower rates by a quarter-point next week and a slim 5.2 percent chance of a half- point rate cut.

Crude oil prices fell sharply on Thursday, triggered by the International Energy Agency's monthly report that boosted the supply estimate for 2025 and 2026, indicating a glut. West Texas Intermediate crude for October delivery sank $1.22 or 1.92 percent at $62.45 per barrel.