Home Stock exchange Singapore stock market consolidation likely to renew

Singapore stock market consolidation likely to renew

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(RTTNews) – The Singapore stock market rebounded higher on Thursday, a day after ending the two-day winning streak in which it had collected nearly 50 points or 1.6%. The Straits Times Index now sits just above the 3,180 point plateau, although it may head south again on Friday.

Global forecasts for Asian markets suggest further consolidation on interest rate concerns and ahead of US employment data, although crude oil price support should limit the decline. European and US markets were down and Asian stock exchanges are expected to open similarly.

The STI ended slightly higher on Thursday following gains in financial stocks and mixed performance in properties and industrials.

For the day, the index rose 20.86 points or 0.66% to end at 3,184.30 after trading between 3,144.81 and 3,185.94. The volume was 1.57 billion shares worth S $ 1.08 billion. There were 245 decline and 218 winners.

Among assets, Ascendas REIT fell 1.69%, while CapitaLand Integrated Commercial Trust fell 1.46%, City Developments rose 0.15%, Dairy Farm International rose 0.68%, DBS Group climbed 1.74%, Keppel Corp lost 0.39%, Mapletree Logistics Trust slipped 1.08%. , Oversea-Chinese Banking Corporation and SingTel both jumped 0.86%, SATS fell 0.51%, SembCorp Industries jumped 3.45%, Singapore Airlines fell 0.40%, Singapore Exchange a added 0.21%, Singapore Technologies Engineering rose 0.27%, Thai Beverage plunged 2.22%, United Overseas Bank collected 0.76%, Wilmar International rose 0.71%, Yangzijiang Shipbuilding a fell 1.49% and Mapletree Commercial Trust, Comfort DelGro, Singapore Press Holdings and Genting Singapore remained unchanged.

Wall Street’s lead ends up weak as major averages opened a little higher on Thursday, then hugged both sides of the line unchanged before ending slightly lower.

The Dow Jones lost 170.64 points or 0.47% to end at 36,236.47, while the NASDAQ lost 19.31 points or 0.13% to close at 15,080.87 and the S&P 500 lost 4.53 points or 0.10% to end at 4,696.05.

Choppy trading on Wall Street reflected the lingering uncertainty in reaction to the minutes of Wednesday’s Federal Reserve meeting. The minutes of the December Fed meeting had a hawkish tone, suggesting that the central bank will be more aggressive in tightening monetary policy.

Traders may also have been reluctant to continue taking significant action before the closely watched Monthly Jobs Report later today.

In economic news, the Department of Labor noted a modest increase in first claims for unemployment benefits in the United States last week. In addition, the Institute for Supply Management said the growth of the service sector in the United States has slowed from the record reached in December.

Crude oil prices rose sharply on Thursday, boosted by rising unrest in Kazakhstan and supply disruptions in Libya. The hope that the Omicron variant of the coronavirus will not have a significant impact on global demand for oil has also contributed to the rise in prices. West Texas Intermediate crude oil futures for February ended up $ 1.61 or 2.1% at $ 79.46 a barrel.

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