(RTTNews) - The Singapore stock market has moved higher in two straight sessions, collecting more than 20 points or 0.5 percent along the way. The Straits Times Index now rests just above the 4,940-point plateau although it may be stuck in neutral on Friday.
The global forecast for the Asian markets is soft, with profit taking expected amid continued uncertainty over the conflict in the Middle East. The European and U.S. markets were down and the Asian bourses are expected to follow that lead.
The STI finished modestly higher on Thursday following gains from the property stocks and mixed performances from the financial shares and industrial issues.
For the day, the index added 14.58 points or 0.30 percent to finish at 4,941.96 after trading between 4,932.89 and 4,958.05.
Among the actives, CapitaLand Ascendas REIT and Wilmar International both shed 0.80 percent, while CapitaLand Integrated Commercial Trust dropped 0.85 percent, CapitaLand Investment vaulted 1.13 percent, City Developments climbed 0.97 percent, DBS Group perked 0.02 percent, DFI Retail Group spiked 1.70 percent, Genting Singapore increased 0.73 percent, Hongkong Land skyrocketed 9.16 percent, Keppel DC REIT soared 1.74 percent, Keppel Ltd jumped 1.64 percent, Mapletree Pan Asia Commercial Trust improved 0.79 percent, Mapletree Industrial Trust accelerated 1.55 percent, Mapletree Logistics Trust advanced 0.83 percent, Oversea-Chinese Banking Corporation lost 0.55 percent, SATS strengthened 1.20 percent, Seatrium Limited sank 0.84 percent, SembCorp Industries tumbled 2.29 percent, Singapore Airlines added 0.64 percent, Singapore Exchange declined 1.54 percent, Singapore Technologies Engineering retreated 1.65 percent, SingTel expanded 1.09 percent, Thai Beverage contracted 1.18 percent, United Overseas Bank collected 0.14 percent, UOL Group surged 2.51 percent and Yangzijiang Shipbuilding slumped 0.97 percent.
The lead from Wall Street is weak as the major averages opened mixed on Thursday but gradually tracked into the red and finished under water.
The Dow dropped 313.62 points or 0.63 percent to finish at 49,596.97, while the NASDAQ dipped 32.75 points or 0.13 percent to close at 25,806.20 and the S&P 500 sank 28.01 points or 0.38 percent to end at 7,337.11.
Stocks showed a lack of direction early in the day as traders remain optimistic about a peaceful end to the conflict in the Middle East but may want to see more tangible results from U.S.-Iran negotiations before making big bets.
But selling pressure picked as crude oil prices saw a substantial turnaround over the course of the day, with U.S. crude oil futures jumping by more than 1 percent following reports that Iran is attempting to force shippers to comply with a new protocol for transiting the Strait of Hormuz.
Crude oil prices had moved lower as Iran reviews a peace plan offered by the U.S. to end the gulf war but bounced higher again on supply concerns. West Texas Intermediate crude for June delivery was at $94.76 per barrel.
In U.S. economic news, a report released by the Labor Department showed first-time claims for U.S. unemployment benefits rebounded by less than expected in the week ended May 2.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
