Win Streak Expected To Continue For Singapore Stock Market

(RTTNews) - The Singapore stock market has finished higher in three straight sessions, collecting more than 40 points or 1.3 percent along the way. The Straits Times Index now rests just above the 3,250-point plateau and it figures to see continued strength again on Thursday.

The global forecast for the Asian markets is upbeat on easing fears of a worldwide economic slowdown. The European and U.S. markets were sharply higher and the Asian markets are tipped to open in similar fashion.

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

For the day, the index gained 12.91 points or 0.40 percent to finish at 3,252.06 after trading between 3,231.67 and 3,257.40. Volume was 1.21 billion shares worth 970.9 million Singapore dollars. There were 283 gainers and 184 decliners.

Among the actives, SingTel tumbled 2.66 percent, while SembCorp Industries surged 2.37 percent, Frasers Logistics declined 2.11 percent, Mapletree Commercial Trust soared 2.11 percent, DBS Group spiked 1.96 percent, Genting Singapore accelerated 1.86 percent, Oversea-Chinese Banking Corporation jumped 1.44 percent, Comfort DelGro retreated 1.39 percent, CapitaLand Integrated Commercial Trust rallied 1.38 percent, SATS climbed 1.26 percent, Yangzijiang Shipbuilding slumped 1.09 percent, Ascendas REIT advanced 1.01 percent, City Developments added 0.77 percent, Thai Beverage skidded 0.76 percent, Singapore Exchange dropped 0.70 percent, Mapletree Logistics Trust sank 0.57 percent, CapitaLand Investment and Venture Corporation both gained 0.51 percent, Singapore Technologies Engineering shed 0.49 percent, Mapletree Industrial Trust lost 0.37 percent, Wilmar International rose 0.24 percent, Hongkong Land dipped 0.19 percent, United Overseas Bank collected 0.18 percent and Yangzijiang Financial and Keppel Corp were unchanged.

The lead from Wall Street is broadly positive as the major averages opened firmly in the green and accelerated as the session progressed.

The Dow surged 416.33 points or 1.29 percent to finish at 32,812.50, while the NASDAQ spiked 319.40 points or 2.59 percent to end at 12,668.16 and the S&P 500 sank 63.98 points or 1.56 percent to close at 4,155.17.

The rebound on Wall Street partly reflected a positive reaction to some upbeat U.S. economic data, which helped ease concerns about a recession.

The Institute for Supply Management noted an unexpected acceleration in the pace of growth in U.S. services sector activity in July. Also, the Commerce Department saw a sharp increase in new orders for U.S. manufactured goods in June.

Crude oil prices fell sharply Wednesday after data showed an unexpected surge in U.S. crude inventories last week. The dollar's strength after hawkish comments from a few Fed officials also weighed on oil prices.

Also, OPEC+ agreed to a tiny increase in output next month amid fears that a global recession will crimp demand. West Texas Intermediate Crude futures for September sank $3.76 or 4 percent at $90.66 a barrel.