Renewed Consolidation Anticipated For Singapore Shares

The Singapore stock market bounced higher again on Thursday, one day after ending the two-day winning streak in which it had gained almost 25 points or 0.8 percent. The Straits Times Index now sits just above the 3,070-point plateau although it's likely to head south again on Friday.

The global forecast for the Asian markets is mixed to lower, thanks to coronavirus concerns and sinking crude oil prices. The European markets were mixed and the U.S. bourses were down and the Asian markets figure to split the difference.

The STI finished slightly higher on Thursday following mixed performances from the financial shares and property stocks.

For the day, the index rose 2.76 points or 0.09 percent to finish at 3,071.70 after trading between 3,060.05 and 3,082.68. Volume was 1.50 billion shares worth 1.27 billion Singapore dollars. There were 293 decliners and 203 gainers.

Among the actives, CapitaLand Integrated Commercial Trust tanked 0.98 percent, while City Developments tumbled 0.90 percent, Comfort DelGro plunged 1.26 percent, Dairy Farm International added 0.56 percent, DBS Group collected 0.60 percent, Jardine Cycle skyrocketed 5.45 percent, Mapletree Commercial Trust and Mapletree Logistics Trust both shed 0.49 percent, Oversea-Chinese Banking Corporation rose 0.17 percent, SATS dropped 0.50 percent, SembCorp Industries sank 0.52 percent, Singapore Airlines skidded 0.81 percent, Singapore Exchange gained 0.49 percent, SingTel spiked 0.85 percent, United Overseas Bank eased 0.04 percent and Wilmar International, Yangzijiang Shipbuilding, Genting Singapore, Keppel Corp, Ascendas REIT, Singapore Technologies Engineering, Thai Beverage, Singapore Press Holdings and CapitaLand all were unchanged.

The lead from Wall Street is negative as the major averages opened higher on Thursday but fell into the red midway through the session and ended that way.

The Dow dropped 151.69 points or 0.43 percent to finish at 34,879.38, while the NASDAQ shed 38.38 points or 0.25 percent to close at 15,248.25 and the S&P 500 fell 20.79 points or 0.46 percent to end at 4,493.28.

The early strength on Wall Street came after the Labor Department released a report showing a bigger than expected decrease in first-time claims for U.S. unemployment benefits last week.

Buying interest waned over the course of the session, however, with traders expressing continued concerns about the impact of the rapid spread of the delta variant of the coronavirus.

Uncertainty about the outlook for monetary policy also weighed on the markets ahead of the next Federal Reserve meeting later this month.

Crude oil futures settled sharply lower Thursday, weighed down by reports that China is looking to release some crude stock from its national reserve. West Texas Intermediate Crude oil futures for October ended down by $1.16 or 1.7 percent at $68.14 a barrel.

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