Singapore Shares May Find Traction On Thursday

(RTTNews) - The Singapore stock market has moved lower in two straight sessions, slumping more than 25 points or 0.6 percent along the way. The Straits Times Index now sits just beneath the 4,420-point plateau although it may find support on Thursday.

The global forecast for the Asian markets is upbeat on bargain hunting and positive data. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.

The STI finished slightly lower on Wednesday following losses from the industrials and mixed performances from the financial shares and property stocks.

For the day, the index fell 5.60 points or 0.13 percent to finish at 4,417.12 after trading between 4,372.64 and 4,417.47.

Among the actives, CapitaLand Ascendas REIT gained 0.36 percent, while CapitaLand Integrated Commercial Trust dropped 0.86 percent, CapitaLand Investment fell 0.38 percent, City Developments tumbled 1.13 percent, DFI Retail Group tanked 1.45 percent, Keppel DC REIT added 0.42 percent, Keppel Ltd perked 0.10 percent, Mapletree Pan Asia Commercial Trust lost 0.68 percent, Mapletree Industrial Trust plunged 2.38 percent, Mapletree Logistics Trust sank 0.76 percent, Oversea-Chinese Banking Corporation rose 0.18 percent, SATS skidded 0.87 percent, Seatrium Limited slumped 0.92 percent, SembCorp Industries and Yangzijiang Financial both retreated 0.94 percent, Singapore Technologies Engineering stumbled 1.18 percent, SingTel improved 0.71 percent, United Overseas Bank eased 0.14 percent, UOL Group shed 0.75 percent, Wilmar International declined 0.93 percent, Yangzijiang Shipbuilding plummeted 2.92 percent and Comfort DelGro, DBS Group, Genting Singapore, Hongkong Land, Thai Beverage, Frasers Centrepoint Trust and Frasers Logistics & Commercial Trust were unchanged.

The lead from Wall Street is solid as the major averages opened barely on Wednesday in the red but quickly accelerated into the green and stayed there for the balance of the day.

The Dow jumped 225.76 points or 0.48 percent to finish at 47,311.00, while the NASDAQ rallied 151.16 points or 0.65 percent to end at 23,499.80 and the S&P 500 gained 24.74 points or 0.37 percent to close at 6,796.29.

The strength for most of the day came as some traders looked to pick up stocks at reduced levels following the steep drop on Tuesday, which reflected concerns about valuations.

Positive sentiment may also have been generated by some upbeat U.S. economic data, including a report from payroll processor ADP showing private sector employment in the U.S. rebounded by more than expected in October.

Also, the Institute for Supply Management released a report showing U.S. service sector activity returned to expansion in October.

Crude oil prices fell on Wednesday as concerns about excess supply and lower demand compelled investors to refrain from big moves. West Texas Intermediate crude for December delivery was down $0.92 or 1.52 percent at $59.64 per barrel.