(RTTNews) - The Singapore stock market has moved higher in consecutive trading days, collecting more than 60 points or 1.2 percent along the way. The Straits Times Index now rests just above the 4,900-point plateau and it's expected to open to the upside again on Thursday.
The global forecast for the Asian markets is positive on easing oil prices and some optimism for a ceasefire in the Middle East. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.
The STI finished modestly higher on Wednesday following gains from the financial shares, property stocks and industrial issues.
For the day, the index gained42.11 points or 0.87 percent to finish at 4,904.54 after trading between 4,875.18 and 4,908.75.
Among the actives, CapitaLand Ascendas REIT was up 0.40 percent, while CapitaLand Integrated Commercial Trust dropped 0.86 percent, CapitaLand Investment moved up 0.37 percent, City Developments added 0.84 percent, DBS Group improved 0.97 percent, DFI Retail Group lost 0.68 percent, Genting Singapore elevated 0.75 percent, Hongkong Land jumped 1.38 percent, Keppel DC REIT slumped 1.35 percent, Keppel Ltd spiked 1.47 percent, Mapletree Pan Asia Commercial Trust rose 0.76 percent, Mapletree Logistics Trust sank 0.85 percent, Oversea-Chinese Banking Corporation climbed 1.09 percent, SATS gathered 0.55 percent, Seatrium Limited picked up 0.43 percent, SembCorp Industries expanded 1.11 percent, Singapore Airlines soared 1.69 percent, Singapore Exchange increased 0.94 percent, Singapore Technologies Engineering surged 2.04 percent, SingTel advanced 1.02 percent, Thai Beverage strengthened 1.18 percent, United Overseas Bank collected 0.63 percent, UOL Group rallied 1.14 percent, Wilmar International gained 0.82 percent, Yangzijiang Shipbuilding perked 0.26 percent and Mapletree Industrial Trust was unchanged.
The lead from Wall Street is upbeat as the major averages opened higher on Wednesday and spent the whole day in the green.
The Dow jumped 305.43 points or 0.66 percent to finish at 46,429.49, while the NASDAQ climbed 167.93 points or 0.77 percent to end at 21.929.83 and the S&P 500 gained 35.53 points or 0.54 percent to close at 6,591.90.
The early strength on Wall Street came amid a sharp pullback by the price of crude oil, with international benchmark Brent crude futures slumping by 1.7 percent after surging in the previous session.
Crude oil prices slumped Wednesday on reports of negotiations to end the war between the U.S. and Iran, easing transport concerns via the Strait of Hormuz. West Texas Intermediate crude for May delivery was down $2.22 or 2.40 percent at $90.13 per barrel.
However, buying interest was partly offset by a report from Iran's state-linked media Fars News Agency claiming Iran will not accept the ceasefire offer from the U.S.
In U.S. economic news, the Labor Department said U.S. import and export prices increased by much more than expected in February.
Closer to home, Singapore will provide February data for industrial production later today; in January, production was up 5.3 percent on month and 16.6 percent on year.
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