Singapore Stock Market Tipped To Open In The Green

(RTTNews) - The Singapore stock market has moved higher in three straight sessions, collecting more than 80 points or 1.7 percent along the way. The Straits Times Index now rests just above the 5,000-point plateau and it may add to its winnings gain on Thursday.

The global forecast for the Asian markets is cautiously optimistic on hopes for an end to the hostilities in the Middle East. The European markets were up and the U.S. bourses were mostly higher and the Asian markets are also expected to track to the upside.

The STI finished sharply higher on Wednesday following gains from the financial shares and industrial issues, while the property sector was soft.

For the day, the index jumped 57.96 points or 1.17 percent to finish at 5,003.96 after trading between 3,845.78 and 5,041.33.

Among the actives, CapitaLand Ascendas REIT improved 0.81 percent, while CapitaLand Investment gained 0.38 percent, City Developments fell 0.25 percent, DBS Group rallied 1.35 percent, DFI Retail Group advanced 0.97 percent, Genting Singapore plummeted 10.14 percent, Hongkong Land dipped 0.24 percent, Keppel DC REIT tumbled 1.30 percent, Keppel Ltd climbed 1.02 percent, Mapletree Pan Asia Commercial Trust sank 0.79 percent, Mapletree Industrial Trust shed 0.52 percent, Mapletree Logistics Trust dropped 0.85 percent, Oversea-Chinese Banking Corporation soared 2.51 percent, Seatrium Limited slumped 1.28 percent, SembCorp Industries added 0.48 percent, Singapore Airlines lost 0.32 percent, Singapore Exchange spiked 2.27 percent, Singapore Technologies Engineering vaulted 1.32 percent, SingTel accelerated 2.12 percent, United Overseas Bank collected 0.65 percent, UOL Group expanded 1.27 percent, Wilmar International surged 3.00 percent, Yangzijiang Shipbuilding jumped 1.77 percent and CapitaLand Integrated Commercial Trust, Thai Beverage and SATS were unchanged.

The lead from Wall Street is mixed to higher as the major averages opened mixed but trended higher throughout the session, finally finishing mixed.

The Dow shed 67.36 points or 0.14 percent to finish at 49,693.20, while the NASDAQ rallied 314.14 points of 1.20 percent to end at a record 26,402.34 and the S&P 500 gained 43.29 points or 0.58 percent to close at 7,444.25, also a record.

The mixed performance on Wall Street followed the release of a Labor Department report showing producer prices in the U.S. shot up much more than expected in April, marking the largest jump since March 2022.

Following the data, interest rate-sensitive utilities and housing stocks showed significant moves to the downside on the day.

The rally by the NASDAQ reflected substantial strength among semiconductor stocks, as reflected by the 2.6 percent surge by the Philadelphia Semiconductor Index.

Crude oil prices pulled back on Wednesday as the upcoming negotiations between the presidents of the U.S. and China have increased expectations of an end to the U.S.-Iran standoff despite OPEC and IEA oil forecast reports warning of a supply-demand mismatch. West Texas Intermediate crude for June delivery was down $1.04 or 1.02 percent at $101.14 per barrel.