Additional support expected for Singapore stock market
(RTTNews) – The Singapore stock market on Thursday halted the three-day slide in which it had fallen more than 40 points or 1.3%. The Straits Times Index now sits just above the 3,335-point plateau and is likely to add to its gains on Friday.
Overall forecasts for Asian markets are optimistic, with support expected in particular from oil and technology stocks. European and American markets were up and Asian markets are expected to open similarly.
The STI ended slightly higher on Thursday after gains in industrials, plantations and properties, while financials were mixed.
For the day, the index improved 14.42 points or 0.43% to end at 3,335.09 after trading between 3,315.07 and 3,344.24. The volume was 2.81 billion shares worth S$1.60 billion. There were 260 winners and 209 decliners.
Among assets, CapitaLand Integrated Commercial Trust lost 0.43%, while CapitaLand Investment jumped 1.96%, City Developments and Fraser Logistics both added 0.69%, Comfort DelGro and Wilmar International both fell 0.68%, Dairy Farm International climbed 3.03%, DBS Group gained 0.33%. percent, Genting Singapore rose 1.25 percent, Hongkong Land jumped 3.26 percent, Jardine Cycle soared 8.46 percent, Keppel Corp soared 3.00 percent, Mapletree Commercial Trust rose 1.07 percent, Oversea-Chinese Banking Corporation collected 0.76 percent, SATS rose 0.86 percent, SembCorp Industries accelerated 2.79 percent, Singapore Airlines and SingTel lost 0 .36%, Singapore Exchange fell 0.10%, Singapore Technologies Engineering rose 1.98%, United Overseas Bank fell 1.37%, Yangzijiang Shipbuilding climbed 1.14% and Mapletree Industrial Trust, Mapletree Logistics Trust, Ascendas REIT and Thai Boisson e were unchanged.
Wall Street’s advance is broadly positive as major averages opened slightly higher on Thursday but accelerated throughout the day, ending near session highs.
The Dow Jones jumped 614.46 points or 1.85% to end at 33,916.39, while the NASDAQ jumped 382.59 points or 3.06% to close at 12,871.53 and the S&P 500 jumped 103.54 points or 2.47% to end at 4,287.50.
Wall Street’s rally came as upbeat earnings news overshadowed a disappointing report on the US economy; results from companies such as Meta (FB), Qualcomm (QCOM), McDonald’s (MCD), Merck (MRK) and Eli Lilly (LLY) led the way.
Meanwhile, traders appeared to ignore a Commerce Department report showing U.S. economic activity unexpectedly contracted in the first quarter of 2022.
Some traders may have interpreted the data as a sign that the Federal Reserve will not raise interest rates as aggressively as currently expected.
Crude oil prices rose on Thursday amid supply concerns over the possible impact of sanctions on Russia’s crude oil production. West Texas Intermediate crude oil futures for June ended up $3.34 or 3.3% at $105.36 a barrel.
Closer to home, Singapore will release March figures for import prices, export prices and producer prices later today. In February, import prices jumped 16.2% year on year, while export prices rose 19.3% year on year and producer prices rose 22.4% year on year. year.
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