Singapore Stock Market May Reverse Thursday's Losses

(RTTNews) - The Singapore stock market has finished lower in two of three trading days following the two-day winning streak in which it had collected almost 40 points or 0.7 percent. The Straits Times Index now sits just above the 5,670-point plateau although it's expected to bounce higher again on Friday.

The global forecast for the Asian markets is upbeat on bargain hunting and easing oil prices. The European and U.S. markets were up and the Asian bourses figure to open in similar fashion.

The STI finished modestly lower on Thursday as losses among the financials and industrials were tempered by support from the property sector.

For the day, the index slumped 39.61 points or 0.69 percent to finish at 5,673.58 after trading between 5,638.94 and 5,683.35.

The lead from Wall Street is firm as the major averages opened higher on Thursday and continued to track higher throughout the day, sending at session highs.

The Dow jumped 613.92 points or 1.19 percent to finish at 52,208.06, while the NASDAQ rallied 679.24 points or 2.78 percent to end at 25,122.18 and the S&P 500 climbed 121.48 points or 1.66 percent to close at 7,437.63.

Bargain hunting contributed to the strength among tech stocks after the NASDAQ plunged to a three-month closing low on Wednesday. The Dow and the S&P 500 also ended the session at their lowest closing levels in well over a month.

Microsoft (MSFT) led the tech rally on strong earnings, while semiconductors, airlines and gold stocks also lent support.

On the U.S. economic front, the Commerce Department said that consumer prices edged down in line with estimates in June, while the annual rate of growth also slowed as expected.

Crude oil prices slipped on Thursday as ongoing talks between Iran and Oman over the Strait of Hormuz management induced positivity on the resumption of the free flow of gulf oil. West Texas Intermediate crude for September delivery was down $0.65 or 0.77 percent at $83.81 per barrel.