Singapore Stock Market May Reclaim 5,000-Point Level

(RTTNews) - The Singapore stock market on Wednesday snapped the two-day slide in which it had slipped more than a dozen points or 0.25 percent. The Straits Times Index now rests just above the 4,975-point plateau and it may see additional support on Thursday.

The global forecast continues to be upbeat on optimism over an end to hostilities in the Middle East. The European and U.S. markets were up and the Asian bourses are expected to follow that lead.

The STI finished sharply higher on Wednesday with gains across the board, especially among the banks, properties, trusts and industrials.

For the day, the index jumped 90.38 points or 1.85 percent to finish at 4,975.83 after trading between 4,948.39 and 4,985.30.

Among the actives, CapitaLand Ascendas REIT advanced 2.02 percent, while CapitaLand Integrated Commercial Trust rose 1.31 percent, CapitaLand Investment picked up 1.10 percent, City Developments added 1.58 percent, DBS Group and Thai Beverage both gathered 1.16 percent, DFI Retail Group jumped 2.39 percent, Genting Singapore perked 0.74 percent, Hongkong Land surged 4.25 percent, Keppel DC REIT vaulted 2.29 percent, Keppel Ltd improved 1.95 percent, Mapletree Pan Asia Commercial Trust gained 1.52 percent, Mapletree Industrial Trust increased 1.03 percent, Mapletree Logistics Trust added 0.87 percent, Oversea-Chinese Banking Corporation accelerated 2.64 percent, SATS expanded 2.27 percent, Seatrium Limited rallied 2.54 percent, SembCorp Industries skidded 2.11 percent, Singapore Airlines rose 0.91 percent, Singapore Exchange elevated 2.25 percent, Singapore Technologies Engineering spiked 2.68 percent, SingTel increased 1.82 percent, United Overseas Bank collected 1.04 percent, UOL Group strengthened 2.37 percent, Wilmar International lost 0.26 percent and Yangzijiang Shipbuilding skyrocketed 4.78 percent.

The lead from Wall Street is firm as the major averages opened higher on Wednesday and remained in the green throughout the trading day, although ending off session highs.

The Dow jumped 224.23 points or 0.48 percent to finish at 46,565.74, while the NASDAQ rallied 250.32 points or 1.16 percent to end at 21,840.95 and the S&P 500 gained 46.80 points or 0.72 percent to close at 6,575.32.

The extended the rally on Wall Street came amid optimism about an end to the U.S. war with Iran following the latest comments by President Donald Trump, who said he expects U.S. military forces to leave Iran in "two or three weeks."

The price of crude oil has extended Tuesday's pullback following Trump's comments, with U.S. crude oil futures falling below $100 a barrel.

Crude oil has plummeted on Wednesday after Trump's comments, even if the Strait of Hormuz remains blocked and U.S. goals are not completely met. West Texas Intermediate crude for May delivery was down $1.68 or 1.66 percent at $99.70 per barrel.