(RTTNews) - The Singapore stock market has moved higher in back-to-back sessions, improving almost 65 points or 1.3 percent along the way. The Straits Times Index now sits just above the 5,000-point plateau although the rally may stall on Friday.
The global forecast for the Asian markets is soft on ongoing geopolitical concerns. The European and U.S. markets were down and the Asian bourses are expected to open in similar fashion.
The STI finished sharply higher on Thursday following gains from the financial shares, property stocks and industrial issues.
For the day, the index jumped 62.98 points or 1.28 percent to finish at 5,001.56 after trading between 4,978.18 and 5,006.43.
Among the actives, CapitaLand Ascendas REIT sank 0.74 percent, while CapitaLand Investment advanced 0.96 percent, City Developments jumped 1.76 percent, DBS Group climbed 1.28 percent, DFI Retail Group strengthened 1.69 percent, Genting Singapore soared 3.90 percent, Hongkong Land rose 0.47 percent, Mapletree Pan Asia Commercial Trust added 0.69 percent, Mapletree Logistics Trust tumbled 1.54 percent, Oversea-Chinese Banking Corporation rallied 2.27 percent, SATS eased 0.26 percent, Seatrium Limited accelerated 2.37 percent, SembCorp Industries gained 0.63 percent, Singapore Airlines fell 0.29 percent, Singapore Exchange increased 0.78 percent, Singapore Technologies Engineering vaulted 1.59 percent, SingTel spiked 2.89 percent, United Overseas Bank collected 0.70 percent, UOL Group expanded 1.54 percent, Wilmar International improved 0.85 percent, Yangzijiang Shipbuilding surged 4.90 percent and CapitaLand Integrated Commercial Trust, Keppel DC REIT, Keppel Ltd, Mapletree Industrial Trust, Thai Beverage and Frasers Centrepoint Trust were unchanged.
The lead from Wall Street is weak as the major averages opened lower on Thursday and spent the entire session under water, ending off session lows.
The Dow stumbled 267.50 points or 0.54 percent to finish at 49,395.16, while the NASDAQ dropped70.91 points or 0.31 percent to close at 22,682.73 and the S&P 500 slipped 19.42 points or 0.28 percent to end at 6,861.89.
The weakness on Wall Street partly reflected a negative reaction to earnings news from Walmart (WMT) after the company provided weaker than expected earnings guidance for the current year.
Negative sentiment may also have been generated by a continued spike by the price of crude oil amid concerns about a military conflict between the U.S. and Iran.
However, traders seemed reluctant to make significant moves ahead of the release of closely watched readings on consumer price inflation on Friday. The data could have a significant impact on the outlook for interest rates.
Crude oil prices jumped again on Thursday amid concerns about a military conflict between the U.S. and Iran, with reports suggesting American military intervention may be imminent. West Texas Intermediate for March delivery was up $1.25 or 1.9 percent to $66.44 a barrel.
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