World Markets

Rebound Expected For Singapore Stock Market

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(RTTNews.com) - The Singapore stock market headed south again on Wednesday, one session after it had ended the two-day losing streak in which it had fallen more than a dozen points or 0.4 percent. The Straits Times Index now rests just above the 3,010-point plateau although it's looking at a positive bounce on Thursday.

The global forecast for the Asian markets is broadly positive, thanks to a spike in crude oil prices and bargain hunting after heavy losses earlier this week. The European markets were mixed and the U.S. bourse were sharply higher - and the Asian markets are expected to follow the latter lead.

For the day, the index dropped 39.91 points or 1.31 percent to finish at 3,011.15 after trading between 3,000.45 and 3,022.24. Volume was 490.8 million shares worth 517.3 million Singapore dollars. There were 263 decliners and 109 gainers.

Among the actives, Keppel Corp plummeted 2.56 percent, while Genting Singapore plunged 2.54 percent, Yangzijiang Shipbuilding tumbled 2.44 percent, Hutchison Port Holdings skidded 2.04 percent, SembCorp Industries dropped 2.00 percent, Comfort DelGro retreated 1.85 percent, United Overseas Bank declined 1.56 percent, SingTel fell 1.36 percent, DBS Group shed 1.23 percent, Ascendas REIT lost 1.15 percent, CapitaLand Commercial Trust slid 1.12 percent, Oversea-Chinese Banking Corporation dipped 0.99 percent, CapitaLand was down 0.65 percent and Golden Agri-Resources and CapitaLand Mall Trust were unchanged.

Following the sell-off in recent sessions, stocks rebound sharply on Wednesday, extending gains heading into the close.

The Dow soared 1,086.25 points or 4.98 percent to 22,878.45, while the NASDAQ surged 361.44 points or 5.84 percent to 6,554.35 and the S&P 500 jumped 116.60 points or 4.96 percent to 2,467.70.

Bargain hunting contributed to the rally on Wall Street, with traders picking up stocks at reduced levels after recent weakness dragged the major averages to their lowest closing levels in over a year.

Positive sentiment may have been generated by members of President Donald Trump's administration continuing to downplay reports the president has privately discussed firing Federal Reserve Chairman Jerome Powell.

Meanwhile, the partial government continues, with Trump stating the government will not reopen until Democrats agree to fund his controversial border wall.

Crude oil prices rose sharply amid thin deals on Wednesday, rebounding from an 18-month low on Christmas Eve. Crude oil futures for February surged $4.69 or 8.6 percent to $46.22 a barrel.

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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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