Singapore Bourse May Add To Its Winnings

(RTTNews) - The Singapore stock market has climbed higher in two straight sessions, improving almost 40 points or 0.8 percent along the way. The Straits Times Index now rests just above the 5,020-point plateau and it may extend its gains on Thursday.

The global forecast for the Asian markets is murky, with profit taking warring with support from the oil and technology sectors. The European and U.S. markets were mixed and the Asian bourses are expected to behave similarly.

The STI finished modestly higher on Wednesday following gains from the trusts and mixed performances from the banks, properties and industrials.

For the day, the index added 13.63 points or 0.27 percent to finish at 5,021.20 after trading between 5,010.14 and 5,038.13.

Among the actives, CapitaLand Ascendas REIT advanced 0.78 percent, while CapitaLand Integrated Commercial Trust gathered 0.42 percent, CapitaLand Investment rose 0.70 percent, City Developments sank 0.59 percent, DBS Group collected 0.17 percent, DFI Retail Group and Genting Singapore both added 0.72 percent, Hongkong Land improved 0.75 percent, Keppel DC REIT fell 0.43 percent, Keppel Ltd tumbled 1.40 percent, Mapletree Pan Asia Commercial Trust spiked 1.46 percent, Mapletree Industrial Trust gained 0.49 percent, SATS dropped 0.84 percent, Seatrium Limited slipped 0.41 percent, SembCorp Industries surged 3.05 percent, Singapore Airlines lost 0.45 percent, Singapore Exchange climbed 0.96 percent, Singapore Technologies Engineering perked 0.36 percent, SingTel rallied 1.44 percent, Thai Beverage slumped 1.16 percent, United Overseas Bank eased 0.03 percent, Yangzijiang Shipbuilding shed 0.50 percent and Oversea-Chinese Banking Corporation, UOL Group, Wilmar International and Mapletree Logistics Trust were unchanged.

The lead from Wall Street provides little clarity as the major averages opened higher on Wednesday, although the Dow splintered off and finished slightly under water.

The Dow shed 72.27 points or 0.15 percent to finish at 48,463.72, while the NASDAQ jumped 376.93 points or 1.59 percent to end at a record 24,016.02 and the S&P 500 gained 55.57 points or 0.80 percent to close at 7,022.95, also a record.

The extended surge by the NASDAQ reflected strength among tech stocks, with Broadcom (AVGO) helping to lead the sector higher after the chip maker announced a multi-year strategic partnership with Meta's (META).

Traders also expressed optimism about a resolution of the conflict in the Middle East even as they await additional details about another round of peace talks between the U.S. and Iran.

Crude oil edged higher on Wednesday as traders weighed the prospects of success in the upcoming U.S-Iran talks against the ongoing U.S. blockade on all Iranian ports across the Strait of Hormuz, which is keeping the supply concerns alive. West Texas Intermediate crude for May was up $0.36 or 0.39 percent at $91.64 per barrel.