Singapore Shares Due For Consolidation On Thursday

(RTTNews) - The Singapore stock market has finished higher in five straight sessions, gathering almost 210 points or 4.1 percent along the way. The Straits Times Index now sits just beneath the 5,370-point plateau although investors may cash in on Thursday.

The global forecast for the Asian markets is negative thanks to renewed hostilities in the Middle East. The European markets were down and the U.S. bourses were mixed and the Asian markets figure to split the difference.

The STI finished modestly higher on Wednesday as gains from the financial sector were limited by weakness among the property stocks and industrial companies.

For the day, the index added 27.33 points or 0.51 percent to finish at 5,369.57 after trading between 5,323.33 and 5,414.84.

The lead from Wall Street is weak as the major averages spent most of the day in the red before finally ending the session mixed.

The Dow tumbled 576.76 points or 1.09 percent to finish at 52,348.39, while the NASDAQ rose 51.96 points or 0.20 percent to close at 25,870.65 and the S&P 500 slipped 21.14 points or 0.28 percent to end at 7,482.71.

The early weakness on Wall Street came amid concerns about a re-escalation of the conflict in the Middle East after President Donald Trump declared the U.S.-Iran ceasefire "over."

Crude oil prices skyrocketed on Wednesday amid renewed Middle East tensions after the U.S. and Iran exchanged fresh strikes. West Texas Intermediate crude for August delivery was up $3.16 or 4.49 percent at $73.60 per barrel.

However, stocks regained ground over the course of the session as crude oil prices pullback off their highs of the session.

Housing stocks moved sharply lower on concerns about the outlook for interest rates, dragging the Philadelphia Housing Sector Index down by 3.8 percent. Substantial weakness was also visible among gold stocks, which tumbled along with the price of the precious metal.