Business

Singapore stock market due to profit taking


(RTTNews) – The Singapore stock market has finished higher in three consecutive sessions, collecting more than 45 points or 1.3% along the way. The Straits Times index is now just below the 3,350 plateau, although investors expect to cash in on Friday.

The global forecast for Asian markets suggests a consolidation of growing concerns over the outlook for interest rates. European markets were mixed and US stocks were down sharply and Asian markets should follow the latter lead.

The STI ended modestly higher on Thursday after mixed performances from financial stocks, real estate stocks and industrials issues.

For the day, the index gained 13.14 points or 0.39% to end at 3,348.46 after trading between 3,337.04 and 3,359.62. The volume was 1.5 billion shares worth S$1.3 billion. There were 246 rejections and 245 winners.

Among assets, Ascendas REIT rose 1.39%, while CapitaLand Integrated Commercial Trust jumped 1.77%, CapitaLand Investment lost 0.25%, City Developments climbed 0.84%, Dairy Farm International fell 1.81%, DBS Group gained 0.45%, Genting Singapore rose 0.62%. Hongkong Land fell 1.05%, Mapletree Commercial Trust accelerated 1.60%, Mapletree Industrial Trust rose 0.75%, Mapletree Logistics Trust gained 0.55%, Oversea-Chinese Banking Corporation fell 0.17%, SATS climbed 2.29%, SembCorp Industries fell 0.68%, Singapore Airlines rose 0.36%, Singapore Exchange fell 0.40%, Singapore Technologies Engineering rose by 0.73%, SingTel jumped by 2.31%, Thai Beverage jumped by 1.42%, United Overseas Bank took in 0.13%, Wilmar International rose by 0.44%, Yangzijiang Shipbuilding fell by 1.28% and Comfort DelGro and Keppel Corp w ere unchanged.

Wall Street’s lead is negative as major averages failed to sustain early gains on Thursday, accelerating into the red as the day progressed.

The Dow Jones fell 368.03 points or 1.05% to end at 34,792.76, while the NASDAQ fell 278.41 points or 2.07% to close at 13,174.41 and the S&P 500 fell 65.79 points or 1.48% to end at 4,393.66.

Wall Street’s sharp pullback came as Treasury yields showed a noticeable move back up after falling on Wednesday. The yield on the benchmark ten-year note more than offset yesterday’s decline, reaching its highest closing level since December 2018.

Worries over the interest rate outlook helped Treasury yields rebound after Federal Reserve Chairman Jerome Powell told the International Monetary Fund that it would be appropriate to raise rates “a little faster and predicted a 50 basis point rate hike would be on the table at the Fed’s May meeting.

Early in the session, stocks benefited from upbeat earnings news from Tesla (TSLA), American Airlines (AAL) and United Airlines (UAL).

In economic news, the Labor Department noted a slight drop in first jobless claims in the United States last week. Additionally, the Federal Reserve Bank of Philadelphia said growth in manufacturing activity in the Philadelphia area slowed more than expected in April.

Crude oil prices rose on Thursday, extending gains from the previous session amid concerns over global crude supply and strong demand in the United States. West Texas Intermediate crude oil futures for June ended up $1.60 or 1.6% at $103.79 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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Eleon

"Writer. Coffee practitioner. Twitter specialist. Food trailblazer. Subtly charming analyst. Troublemaker. Unable to type with boxing gloves on."
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