The Singapore stock market has moved higher in six straight sessions, advancing more than 65 points or 2.1 percent along the way. The Straits Times Index now rests just above the 3,220-point plateau and it’s tipped to open in the green again on Friday.
The global forecast for the Asian markets is upbeat thanks to solid earnings news and rising crude oil prices. The European markets were down and the U.S. bourses were up and the Asian markets are tipped to follow the latter lead.
The STI finished barely higher on Thursday as gains from the industrials were offset by weakness from the financial shares.
For the day, the index rose 2.02 points or 0.06 percent to finish at 3,221.58 after trading between 3,218.07 and 3,235.72. Volume was 2.02 billion shares worth 1.16 billion Singapore dollars. There were 262 gainers and 195 decliners.
Among the actives, CapitaLand added 0.54 percent, while CapitaLand Integrated Commercial Trust plummeted 1.36 percent, Comfort DelGro plunged 1.12 percent, Dairy Farm International jumped 0.91 percent, DBS Group eased 0.03 percent, Keppel Corp spiked 1.29 percent, Mapletree Logistics Trust gained 0.50 percent, Oversea-Chinese Banking Corporation shed 0.25 percent, SATS tanked 0.49 percent, SembCorp Industries soared 1.40 percent, Singapore Airlines skidded 0.39 percent, Singapore Exchange lost 0.09 percent, Singapore Press Holdings surged 2.75 percent, Singapore Technologies Engineering dropped 0.26 percent, SingTel tumbled 0.40 percent, Thai Beverage climbed 0.70 percent, United Overseas Bank sank 0.37 percent, Wilmar International advanced 0.57 percent and Yangzijiang Shipbuilding, Genting Singapore, Hongkong Land, City Developments, Ascendas REIT, Jardine Strategic Holdings, Mapletree Commercial Trust and UOL Group all were unchanged.
The lead from Wall Street ends up positive after the major averages saw wild fluctuations on Thursday before finally ending firmly in the green.
The Dow jumped 239.98 points or 0.71 percent to finish at 34,060 .36, while the NASDAQ added 31.52 points or 0.22 percent to end at 14,082.55 and the S&P 500 rose 28.29 points or 0.68 percent to close at 4,211.47.
The higher close on Wall Street came following upbeat earnings news from tech giants like Qualcomm (QCOM), Apple (AAPL) and Facebook (FB).
In economic news, the Labor Department said first-time claims for U.S. unemployment benefits dropped to a new pandemic-era low last week. Also, the Commerce Department noted an acceleration in the pace of U.S. economic growth in the first three months of 2021.
Crude oil prices moved higher on Thursday amid optimism about the outlook for energy demand following a drop in U.S. petroleum product supplies. West Texas Intermediate Crude oil futures for June ended up by $1.15 or 1.8 percent at $65.01 a barrel.
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