Win Streak May Continue For Singapore Stock Market

(RTTNews) - The Singapore stock market has moved higher in three straight sessions, advancing more than 100 points or 3 percent along the way. The Straits Times Index now rests just above the 3,375-point plateau and it may add to its winnings on Friday.

The global forecast for the Asian markets is upbeat after solid economic data helped to allay fears of an economic slowdown. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.

The STI finished modestly higher on Thursday following gains from the financial shares, property stocks and industrial issues.

For the day, the index advanced 24.42 points or 0.73 percent to finish at 3,377.19 after trading between 3,353.83 and 3,381.02.

Among the actives, Ascendas REIT, Oversea-Chinese Banking Corporation and Thai Beverage all added 0.70 percent, while CapitaLand Integrated Commercial Trust advanced 0.94 percent, CapitaLand Investment retreated 1.25 percent, City Developments and United Overseas Bank both increased 0.74 percent, Comfort DelGro strengthened 1.68 percent, DBS Group collected 0.54 percent, Emperador tumbled 1.94 percent, Genting Singapore dropped 0.99 percent, Hongkong Land spiked 1.87 percent, Keppel Corp gained 0.67 percent, Mapletree Pan Asia Commercial Trust skidded 1.10 percent, Mapletree Industrial Trust improved 0.84 percent, Mapletree Logistics Trust rallied 1.78 percent, SATS surged 3.72 percent, SembCorp Industries jumped 1.75 percent, Singapore Technologies Engineering soared 2.49 percent, SingTel climbed 1.61 percent, Wilmar International rose 0.49 percent, Yangzijiang Financial skyrocketed 6.85 percent and Yangzijiang Shipbuilding accelerated 2.42 percent.

The lead from Wall Street is positive as the major averages shook off early volatility, moving solidly higher as the day progressed to end near session highs.

The Dow jumped 205.57 points or 0.61 percent to finish at 33,949.41, while the NASDAQ spiked 199.06 points or 1.76 percent to end at 11,512.41 and the S&P 500 climbed 44.21 points or 1.10 percent to close at 4,060.43.

The strength on Wall Street came following the release of some upbeat U.S. economic data, including a Commerce Department report showing U.S. economic activity surged by more than expected in the fourth quarter of 2022.

Also, the Labor Department also said initial jobless claims unexpectedly dipped to a nine-month low last week, while the Commerce Department noted a spike in durable goods orders and a continued increase in new home sales.

The data paints a relatively positive picture of the economy but has also raised concerns about the outlook for interest rates ahead of next week's Federal Reserve meeting.

Crude oil prices showed a strong move to the upside on Thursday, benefitting from optimism about the outlook for demand following the release of upbeat U.S. economic data. West Texas Intermediate Crude for March delivery jumped $0.86 or 1.1 percent to $81.01 a barrel.