Singapore Shares Likely To Remain Rangebound

(RTTNews) - The Singapore stock market has alternated between positive and negative finishes through the last six trading days since the end of ending the two-day slide in which it had slipped more than a dozen points or 0.25 percent. The Straits Times Index now rests just beneath the 4,980-point plateau although it may tick higher again on Friday.

The global forecast for the Asian markets comes on cautious optimism for easing hostilities in the Middle East. The European markets were down and the U.S. bourses were up and the Asian markets figure to follow the latter lead.

The STI finished modestly lower on Thursday following losses from the financial shares, property stocks and industrial issues.

For the day, the index slumped 18.97 points or 0.38 percent to finish at 4,977.08 after trading between 4,974.34 and 5,009.89.

Among the actives, CapitaLand Ascendas REIT tanked 1.56 percent, while CapitaLand Integrated Commercial Trust declined 1.27 percent, CapitaLand Investment skidded 0.71 percent, City Developments and Wilmar International both plummeted 1.75 percent, DBS Group and Singapore Technologies Engineering both fell 0.17 percent, DFI Retail Group rallied 2.97 percent, Genting Singapore slumped 0.72 percent, Hongkong Land surrendered 1.57 percent, Keppel DC REIT rose 0.44 percent, Keppel Ltd sank 0.57 percent, Oversea-Chinese Banking Corporation dropped 0.58 percent, SATS plunged 1.61 percent, Seatrium Limited vaulted 1.22 percent, SembCorp Industries added 0.74 percent, Singapore Airlines and Frasers Centrepoint Trust both retreated 1.33 percent, Singapore Exchange gained 0.59 percent, Thai Beverage contracted 1.14 percent, United Overseas Bank eased 0.05 percent, UOL Group tumbled 1.37 percent, Yangzijiang Shipbuilding jumped 1.25 percent and Mapletree Pan Asia Commercial Trust, Mapletree Industrial Trust, Mapletree Logistics Trust and SingTel were unchanged.

The lead from Wall Street ends up positive as the major averages shook off early weakness on Thursday to climb solidly up into the green by midday.

The Dow jumped 275.88 points or 0.58 percent to finish at 48,185.80, while the NASDAQ rallied 187.42 points or 0.83 percent to end at 22,822.42 and the S&P 500 gained 41.85 points or 0.62 percent to close at 6,824.66.

The early weakness came amid concerns about the fragility of the ceasefire in the Middle East, with Iran accusing the U.S. and Israel of violating the agreement.

Iran's deputy foreign minister Saeed Khatibzadeh claimed in an interview with the BBC that Iran had once again closed the Strait of Hormuz.

However, stocks rebounded after Israeli Prime Minister Benjamin Netanyahu said Israel would begin negotiating with Lebanon "as soon as possible."

Crude oil prices soared on Thursday as Iran allowed only restricted naval traffic through the Strait of Hormuz, renewing supply disruption concerns. West Texas Intermediate crude for May delivery was up $3.25 or 3.44 percent at $97.66 per barrel.