Singapore Stock Market Tipped To Open In The Green

(RTTNews) - The Singapore stock market on Wednesday snapped the three-day winning streak in which it had gained more than 20 points or 0.7 percent. The Straits Times Index now sits just beneath the 3,180-point plateau although it's expected to find renewed support on Thursday.

The global forecast for the Asian markets is cautiously ahead of key U.S. inflation data later this week, which will affect the outlook for interest rates. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.

The STI finished modestly lower on Wednesday following losses from the financial shares and mixed performances from the industrials and properties.

For the day, the index lost 18.00 points or 0.56 percent to finish at 3,179.96 after trading between 3,159.54 and 3,194.05.

Among the actives, Ascendas REIT slid 0.34 percent, while CapitaLand Integrated Commercial Trust slumped 1.49 percent, CapitaLand Investment weakened 1.31 percent, Comfort DelGro advanced 0.71 percent, DBS Group skidded 1.10 percent, Emperador tumbled 1.96 percent, Hongkong Land added 0.58 percent, Keppel DC REIT dropped 1.07 percent, Keppel Ltd rose 0.14 percent, Mapletree Logistics Trust declined 1.80 percent, Oversea-Chinese Banking Corporation fell 0.39 percent, SATS surged 2.83 percent, Seatrium Limited surrendered 1.77 percent, SembCorp Industries shed 0.91 percent, Singapore Technologies Engineering gained 0.26 percent, SingTel lost 0.42 percent, Thai Beverage sank 0.93 percent, Wilmar International stumbled 1.42 percent, Yangzijiang Financial retreated 1.59 percent, Yangzijiang Shipbuilding rallied 1.31 percent and Genting Singapore, City Developments, Mapletree Pan Asia Commercial Trust, Mapletree Industrial Trust and UOL Group were unchanged.

The lead from Wall Street is positive as the major averages opened slightly higher on Wednesday and accelerated throughout the session.

The Dow jumped 170.57 points or 0.45 percent to finish at 37,695.73, while the NASDAQ rallied 111.94 points or 0.75 percent to end at 14,969.65 and the S&P 500 gained 26.95 points or 0.57 percent to close at 4,783.45.

The strength on Wall Street may have reflected optimism ahead of the release of key U.S. inflation data in the comings days.

The Labor Department's reports on consumer and producer price inflation, which are due to be released on Thursday and Friday, respectively, could have a significant impact on the outlook for interest rates.

With economists expecting the reports to show slowdowns in the annual rate of core price growth, the data could bolster optimism about near-term rate cuts by the Federal Reserve.

Crude oil prices dropped on Wednesday after data showed an unexpected increase in U.S. crude inventories. West Texas Intermediate Crude oil futures for February delivery ended down $0.87 at $71.37 a barrel.