Higher Open Called For Singapore Stock Market

(RTTNews) - The Singapore stock market has climbed higher in three straight sessions, gathering more than 70 points or 1.7 percent along the way. The Straits Times Index now sits just above the 4,225-point plateau and it may see additional support again on Thursday.

The global forecast for the Asian markets is upbeat on optimism over earnings, with tech shares likely to lead the way higher. The European and U.S. markets were up and the Asian bourses figure to follow that lead.

The STI finished modestly higher on Wednesday following gains from the financial shares and property stocks and a mixed picture from the industrials.

For the day, the index added 19.12 points or 0.45 percent to finish at 4,227.70 after trading between 4,198.55 and 4,229.23.

Among the actives, CapitaLand Ascendas REIT slumped 1.09 percent, while CapitaLand Integrated Commercial Trust improved 0.45 percent, CapitaLand Investment lost 0.36 percent, City Developments advanced 0.65 percent, DBS Group jumped 1.26 percent, Hongkong Land rallied 0.83 percent, Keppel DC REIT dropped 0.86 percent, Keppel Ltd spiked 1.43 percent, Oversea-Chinese Banking Corporation and Jardine Matheson both added 0.35 percent, SATS sank 0.31 percent, SembCorp Industries stumbled 1.28 percent, Singapore Technologies Engineering perked 0.11 percent, SingTel gained 0.25 percent, Thai Beverage skidded 1.06 percent, United Overseas Bank collected 0.22 percent, Wilmar International climbed 0.68 percent, Yangzijiang Financial soared 2.09 percent, Yangzijiang Shipbuilding surged 2.33 percent and Mapletree Pan Asia Commercial Trust, Mapletree Industrial Trust, Mapletree Logistics Trust, DFI Retail Group. Genting Singapore, Comfort DelGro, UOL Group, Seatrium Limited and Frasers Logistics & Commercial Trust were unchanged.

The lead from Wall Street is positive as the major averages opened mixed on Wednesday but quickly turned higher and spent the balance of the session in the green.

The Dow improved 81.38 points or 0.18 percent to finish at 44,193.12, while the NASDAQ rallied 252.87 points or 1.21 percent to end at 21,169.42 and the S&P 500 gained 45.87 points or 0.73 percent to close at 6,345.06.

Apple (AAPL) helped to lead the markets higher following reports the company will announce plans to invest $100 billion to expand its U.S. operations and increase its total investment in the U.S. over the next four years to $600 billion.

Stocks also benefitted from strong earnings news from companies like McDonald's (MCD), which reported second quarter results that exceeded estimates on both the top and bottom lines. Shopify (SHOP) also beat the street.

On the other hand, Super Micro Computer (SMCI), social media platform Snap (SNAP) and Disney (DIS) reported mixed third quarter results.

Crude oil lost early gains on Wednesday as Russia faces a threat of U.S. sanctions on its oil exports after August 8 if it fails to end its attempt to annex Ukraine. West Texas Intermediate crude for September delivery was down $0.96 or 1.47 percent at $64.20 per barrel.