Singapore Stock Market May Add To Its Winnings

The Singapore stock market bounced higher again on Wednesday, one day after ending the four-day winning streak in which it had gathered more than 40 points or 1.4 percent. The Straits Times Index now sits just above the 3,155-point plateau and it may extend its gains on Thursday.

The global forecast for the Asian markets is cautiously optimistic on easing concerns for the outlook for interest rates. The European markets were up and the U.S. bourses were mostly higher and the Asian markets are also tipped to open in the green.

The STU finished sharply higher on Wednesday following gains from the financial shares, property stocks and industrial issues.

For the day, the index jumped 44.37 points or 1.43 percent to finish at 3,156.42 after trading between 3,122.56 and 3,161.27. Volume was 1.5 billion shares worth 1.5 billion Singapore dollars. There were 279 gainers and 152 decliners.

Among the actives, Ascendas REIT advanced 1.35 percent, while CapitaLand Integrated Commercial Trust rallied 1.44 percent, City Developments gained 0.96 percent, Comfort DelGro was up 0.64 percent, Dairy Farm International accelerated 2.33 percent, DBS Group collected 1.23 percent, Genting Singapore soared 2.65 percent, Keppel Corp rose 0.95 percent, Mapletree Commercial Trust spiked 2.42 percent, Mapletree Logistics Trust gathered 1.54 percent, Oversea-Chinese Banking Corporation jumped 2.07 percent, SembCorp Industries was up 0.52 percent, Singapore Airlines increased 0.91 percent, Singapore Exchange perked 1.46 percent, Singapore Technologies Engineering improved 0.77 percent, SingTel added 1.21 percent, Thai Beverage surged 3.65 percent, United Overseas Bank climbed 1.68 percent, Wilmar International strengthened 2.08 percent, Yangzijiang Shipbuilding tumbled 1.43 percent and CapitaLand, SATS and Singapore Press Holdings were unchanged,

The lead from Wall Street is mostly upbeat as the NASDAQ opened higher and remained solidly in the green. The Dow and S&P spent much of the day in negative territory, with the later managing to climb into positive territory and the former closing just under the line.

The Dow eased 0.53 points to finish at 34,377.81, while the NASDAQ jumped 105.71 points or 0.73 percent to close at 14,571.63 and the S&P 500 rose 13.15 points or 0.30 percent to end at 4,363.80.

The higher close on Wall Street came as a report from the Labor Department showed consumer prices rose by slightly more than expected in September, but the data was not seen as likely to accelerate the Federal Reserve's tapering plans.

Also, the minutes of the Fed's September meeting outlined the central bank's plans to gradually scale back its asset purchases. Participants generally agreed that a gradual tapering of asset purchases that concludes around the middle of next year would likely be appropriate if the economic recovery remained broadly on track.

Crude oil prices drifted lower on Wednesday, weighed down by concerns the slowdown in global economic growth could weaken the outlook for energy demand. West Texas Intermediate Crude oil futures for November eased $0.20 or 0.3 percent at $80.44 a barrel.

Closer to home, Singapore will see an advance estimate for Q3 gross domestic product later this morning; in the previous three months, GDP was down 1.8 percent on quarter and up 14.7 percent on year.

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