Singapore Shares May See Resistance At 3,300 Points

(RTTNews) - The Singapore stock market has moved higher in three straight sessions, gaining more than 50 points or 1.6 percent along the way. The Straits Times Index now rests just above the 3,290-point plateau although it may be stuck in neutral on Friday.

The global forecast for the Asian markets is mixed and flat ahead of key U.S. employment data later in the day. The European and U.S. bourses were mixed and little changed and the Asian bourses are tipped to follow suit.

The STI finished barely higher on Thursday following mixed performances from the financials, properties and trusts.

For the day, the index rose 2.24 points or 0.07 percent to finish at 3,292.73 after trading between 3,288.46 and 3,313.80. Volume was 1.4 billion shares worth 1.3 billion Singapore dollars. There were 344 gainers and 212 decliners.

Among the actives, Ascendas REIT added 0.72 percent, while CapitaLand Integrated Commercial Trust fell 0.48 percent, CapitaLand Investment rallied 1.36 percent, City Developments rose 0.24 percent, Comfort DelGro improved 0.81 percent, DBS Group sank 0.68 percent, Hongkong Land surged 3.99 percent, Keppel Corp gained 0.53 percent, Mapletree Pan Asia Commercial Trust lost 0.58 percent, Mapletree Industrial Trust climbed 0.90 percent, Mapletree Logistics Trust strengthened 1.24 percent, Oversea-Chinese Banking Corporation slumped 0.72 percent, SATS soared 3.00 percent, SembCorp Industries jumped 1.25 percent, Singapore Technologies Engineering advanced 0.87 percent, SingTel retreated 1.47 percent, Thai Beverage accelerated 1.57 percent, United Overseas Bank collected 0.42 percent, Yangzijiang Financial spiked 2.90 percent, Yangzijiang Shipbuilding tumbled 2.10 percent and Emperador, Genting Singapore, Wilmar International and Frasers Logistics were unchanged.

The lead from Wall Street is murky as the major averages were unable to hold early gains on Thursday, with only the NASDAQ able to break back into the green.

The Dow stumbled 194.76 points or 0.56 percent to finish at 34,395.01, while the NASDAQ added 14.45 points or 0.13 percent to close at 11,482.45 and the S&P 500 eased 3.54 points or 0.09 percent to end at 4,076.57.

The lack of direction shown by the broader markets came as traders looked ahead to the Labor Department's closely watched monthly jobs report later today.

The data could affect the outlook for interest rates, although the impact may be somewhat muted following Federal Reserve Chair Jerome Powell's remarks on Wednesday hinting at a slowdown in the pace of rate hikes as soon as next month.

In economic news, the Institute for Supply Management said manufacturing activity contracted for the first time in over two years in November. Also, the Labor Department said first-time claims for U.S. unemployment benefits pulled back by more than expected last week.

Crude oil futures settled higher Thursday on easing concerns about the outlook for energy demand, while a weaker dollar amid rising prospects of smaller rate hikes by the Fed also contributed to the increase in oil prices. West Texas Intermediate Crude oil futures for January gained $0.67 or 0.8 percent at $81.22 a barrel.