Renewed Support Tipped For Singapore Stock Market

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(RTTNews) – The Singapore stock market on Thursday halted the three-day winning streak in which it had advanced more than 75 points or 2.8 percent. The Straits Times Index now rests just beneath the 2,780-point plateau although it may bounce higher again on Friday.

The global forecast for the Asian markets is cautiously optimistic, with technology stocks expected to push markets into the green. The European markets were down and the U.S. bourses were up and the Asian markets figure to follow the latter lead.

The STI finished modestly lower on Thursday following losses from the properties and mixed performances from the financials and industrials.

For the day, the index slipped 11.59 points or 0.42 percent to finish at 2,777.00 after trading between 2,766.55 and 2,795.06. Volume was 1.76 billion shares worth 1.61 billion Singapore dollars. There were 212 decliners and 210 gainers.

Among the actives, Thai Beverage surged 4.29 percent, while Dairy Farm International plummeted 4.19 percent, CapitaLand Integrated Commercial Trust plunged 2.94 percent, Mapletree Commercial Trust tanked 1.96 percent, Hongkong Land Holdings tumbled 1.86 percent, Singapore Technologies Engineering spiked 1.82 percent, Genting Singapore skidded 1.80 percent, SingTel accelerated 1.70 percent, Ascendas REIT retreated 1.33 percent, Oversea-Chinese Banking Corporation declined 1.11 percent, Mapletree Logistics Trust surrendered 1.00 percent, Keppel Corp and Singapore Airlines both sank 0.98 percent, Wilmar international dropped 0.93 percent, DBS Group shed 0.85 percent, CapitaLand lost 0.67 percent, Comfort DelGro fell 0.62 percent, SembCorp Industries slid 0.59 percent, Yangzijiang Shipbuilding added 0.55 percent, SATS gained 0.49 percent, United Overseas Bank collected 0.40 percent, Singapore Exchange dipped 0.22 percent and City Developments, CapitaLand Commercial Trust and Singapore Press Holdings were unchanged.

The lead from Wall Street suggests mild upside as stocks opened lower on Thursday but picked up ground as the day progressed and finally ended in positive territory.

The Dow added 44.81 points or 0.15 percent to finish at 29,483.23, while the NASDAQ jumped 103.11 points or 0.87 percent to end at 11,904.71 and the S&P 500 rose 14.08 points or 0.39 percent to close at 3,581.87.

The gains by the NASDAQ reflected expectations that new lockdowns as a result of the recent spike in coronavirus cases will benefit technology companies, as was seen earlier in the pandemic. Data showed 170,161 new coronavirus cases in the U.S. on Wednesday, while daily deaths hit 1,848.

The recent surge in coronavirus cases has led several states to impose new restrictions and lockdowns, possibly leading more Americans to again relying on tech as they work from home.

The markets also got a boost from comments from Senate Minority Leader Chuck Schumer, D-N.Y., saying Senate Majority Leader Mitch McConnell, R-Ken., has agreed to resume negotiations over a new stimulus bill.

In economic news, the Labor Department said jobless claims unexpectedly spiked last week, while the National Association of Realtors said existing home sales jumped more than expected,

Crude oil futures ended lower on Thursday as rising coronavirus cases in the U.S. and Europe and fresh lockdown measures raised concerns for energy demand. West Texas Intermediate Crude oil futures for December ended down $0.08 or 0.2 percent at $41.74 a barrel.

A Global Asset Management Seoul Korea Magazine

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