(RTTNews) - The Singapore stock market has moved higher in four straight sessions, gathering more than 80 points or 1.8 percent along the way. Now at a fresh record closing high, the Straits Times Index sits just above the 5,015-point plateau although investors are likely to cash in on Friday.
The global forecast for the Asian markets is soft on AI concerns and ahead of key U.S. inflation data. 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 modestly higher on Thursday following gains from the financial shares, property stocks and industrial issues.
For the day, the index expanded 32.18 points or 0.65 percent to finish at 5,016.76 after trading between 4,986.22 and 5,021.27.
Among the actives, CapitaLand Ascendas REIT plummeted 3.91 percent, while CapitaLand Integrated Commercial Trust dropped 0.80 percent, CapitaLand Investment rallied 0.98 percent, City Developments perked 0.20 percent, DBS Group collected 0.49 percent, DFI Retail Group gained 0.47 percent, Genting Singapore vaulted 1.32 percent, Hongkong Land climbed 0.92 percent, Keppel DC REIT shed 0.44 percent, Keppel Ltd soared 2.26 percent, Mapletree Industrial Trust slumped 0.98 percent, Mapletree Logistics Trust stumbled 1.52 percent, Oversea-Chinese Banking Corporation spiked 2.01 percent, SATS added 0.51 percent, SembCorp Industries strengthened 0.96 percent, Singapore Airlines improved 0.73 percent, Singapore Exchange plunged 2.67 percent, Singapore Technologies Engineering advanced 0.89 percent, SingTel rose 0.40 percent, United Overseas Bank jumped 1.49 percent, UOL Group increased 0.72 percent, Wilmar International surged 2.57 percent, Yangzijiang Shipbuilding gathered 0.29 percent and Thai Beverage, Mapletree Pan Asia Commercial Trust, Seatrium Limited and Frasers Centrepoint Trust were unchanged.
The lead from Wall Street is negative as the major averages opened slightly higher on Thursday but quickly headed south and trended lower as the day progressed, ending at session lows.
The Dow stumbled 669.42 points or 1.34 percent to finish at 49,451.98, while the NASDAQ plunged 469.32 points or 2.03 percent to close at 22,597.15 and the S&P 500 dropped 108.71 points or 1.57 percent to end at 6,832.76.
The sell-off on Wall Street was partly attributed to concerns about the impact of the artificial intelligence buildout on industries other than the tech sector, such as financial, transportation and logistics and commercial real estate companies.
In economic news, the Labor Department said first-time claims for U.S. unemployment benefits dipped less than expected last week. Also, the National Association of Realtors said existing home sales pulled back much more than expected in January.
The focus now shifts to the Labor Department's report on consumer price inflation that is due to be released before the start of trading on Friday.
Crude oil prices tumbled on Thursday after the demand forecast by the International Energy Agency for 2026 projected an overwhelming supply glut. West Texas Intermediate crude for March delivery was down $1.97 or 3.05 percent at $62.66 per barrel.
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