(RTTNews) - The Singapore stock market has finished higher in five straight sessions, collecting almost 220 points or 4.4 percent along the way. Now at a fresh record closing high, the Straits Times Index sits just above the 5,110-point plateau although it may spin its wheels on Thursday.
The global forecast for the Asian markets is negative on concerns over the outlook for interest rates. The European markets were mixed and the U.S. bourses were down and the Asian markets figure to follow the latter lead.
The STI finished sharply Higher on Wednesday following gains from the financial shares and industrial issues, although the property sector was soft.
For the day, the index climbed 59.60 points or 1.16 percent to finish at 5,176.46 after trading between 5,120.18 and 5,196.96.
Among the actives, CapitaLand Ascendas REIT vaulted 1.18 percent, while CapitaLand Integrated Commercial Trust increased 0.85 percent, City Developments lost 0.35 percent, DBS Group spiked 2.01 percent, DFI Retail Group fell 0.27 percent, Genting Singapore sank 0.81 percent, Hongkong Land tumbled 1.66 percent, Keppel DC REIT improved 0.89 percent, Keppel Ltd jumped 1.43 percent, Oversea-Chinese Banking Corporation rallied 1.48 percent, SATS surged 3.21 percent, Seatrium Limited accelerated 2.00 percent, SembCorp Industries climbed 0.96 percent, Singapore Exchange gained 0.37 percent, Singapore Technologies Engineering soared 2.13 percent, SingTel expanded 1.16 percent, United Overseas Bank collected 0.90 percent, Wilmar International added 0.56 percent, Yangzijiang Shipbuilding strengthened 1.39 percent and Mapletree Pan Asia Commercial Trust, Mapletree Industrial Trust, Mapletree Logistics Trust, Frasers Centrepoint Trust, Frasers Logistics & Commercial Trust, UOL Group, Thai Beverage, CapitaLand Investment and Singapore Airlines were unchanged.
The lead from Wall Street is weak as the major averages opened slightly higher on Wednesday and hugged the line before tumbling after the Federal Reserve's rate decision.
The Dow dropped 507.12 points or 0.98 percent to finish at 51,492.55, while the NASDAQ slumped 354.69 points or 1.34 percent to close at 26,021.66 and the S&P 500 sank 91.25 points or 1.21 percent to end at 7,420.10.
The weakness that emerged on Wall Street came after the Fed left interest rates unchanged as widely expected, but projections suggest that rates could be higher by end of the year.
The Fed noted that inflation remains elevated relative to the Fed's 2 percent goal, in part reflecting supply shocks that have driven price increases in certain sectors, including energy.
In economic news, the Commerce Department released a report showing retail sales in the U.S. increased by much more than expected in the month of May.
Crude oil prices ticked higher on Wednesday as energy experts remain skeptical of an early restoration of normal oil trade in the gulf region despite the upcoming U.S.-Iran deal. West Texas Intermediate crude for July delivery was up $0.45 or 0.59 percent at $76.50 per barrel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
