The Singapore stock market could increase its winnings on Friday

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The Singapore stock market could increase its winnings on Friday


(RTTNews) – The Singapore stock market closed higher in three consecutive sessions, advancing nearly 90 points or 2.9 percent along the way. The Straits Times Index now sits just above the 3,320 point plateau and is expected to extend its gains on Friday.

The global outlook for Asian markets is upbeat amid an environment of upward momentum following brutal sell-offs earlier in the week. European markets were mixed and US stock exchanges were up and Asian markets were able to split the difference.

The STI closed slightly higher on Thursday following gains in financial stocks, real estate stocks and industrial issues.

For the day, the index gained 31.81 points or 0.97 percent to finish at 3,322.71 after trading between 3,294.78 and 3,345.92. The volume was 1.47 billion shares with a value of Singapore dollar 1.69 billion. There were 369 gainers and 175 decliners.

Among assets, Ascendas REIT accelerated 2.14 percent, CapitaLand Integrated Commercial Trust gained 0.93 percent, City Developments added 1.10 percent, Comfort DelGro rose 1.43 percent, Dairy Farm International jumped 3.70 percent, DBS Group raised 0.43 percent, Genting Singapore gained 0.65 percent, Hong Kong Earth skyrocketed 4.69 percent, Keppel Corp rose 0, 81 percent, Mapletree Commercial Trust was up 2.17 percent, Mapletree Logistics Trust jumped 1.68 percent, Oversea-Chinese Banking Corporation gained 1.76 percent, SATS was up 1.27 percent, SembCorp Industries and SingTel both increased 0.78 percent, Singapore Airlines improved 1.36 percent, Singapore Exchange grew 0.52 percent, Singapore Technologies Engineering lost 0.49 percent, Thai Beverage was rose 2.22%, United Overseas Bank strengthened 1.58%, Wilmar International fell 1.28%, Yangzijiang Shipbuilding fell 0.74%, and Singapore Press Holdings remained unchanged.

Wall Street’s lead is solidly positive as major averages shrugged off early directionless trading, accelerating in the afternoon to close near daily highs.

The Dow was up 417.66 points or 1.23% to finish at 34,480.76, while the NASDAQ was up 178.23 points or 1.33% to finish at 13,614.78 and the S&P 500 is rose 53.81 points or 1.23% to close at 4,411.67.

The strength that emerged on Wall Street reflects the recent upward momentum, with major averages extending the rally seen in the previous two sessions. The rebound helped lift stocks well off recent lows, but also well below all-time highs.

Markets also continued to digest the Federal Reserve’s decision to raise interest rates for the first time since December 2018 on Wednesday. The Fed raised rates by 25 basis points from 0.25 to 0.5 percent and signaled that many more rate hikes are likely in the coming months.

In economic news, the Department of Labor said first-time jobless claims in the United States fell more-than-expected last week. Additionally, the Commerce Department said housing start rebounded than expected in February.

Crude oil prices rose on Thursday after the International Energy Agency warned of a possible loss of supply from Russia in the coming weeks due to sanctions imposed on the country. West Texas Intermediate crude oil futures for April closed up $ 7.94 or 8.4 percent at $ 102.98 a barrel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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