The Singapore stock market has experienced an upward trend for five consecutive sessions, accumulating over 100 points or 1.5% during this period. Currently, the Straits Times Index is poised just below the 3,890-point level, though there is speculation that investors might opt to secure their profits on Thursday.
The outlook for Asian markets remains uncertain, characterized by mixed signals regarding interest rate prospects. Both European and U.S. markets ended with minimal changes and mixed results, indicating that Asian markets might exhibit similar tendencies.
On Wednesday, the STI concluded the day with a notable upswing, driven largely by positive performance in financial and industrial sectors, although the property sector experienced some softness. The index advanced by 58.81 points, which represents a 1.54% increase, to close at its daily peak of 3,886.98, after dipping as low as 3,832.61 earlier in the session.
In specific movements, CapitaLand Integrated Commercial Trust declined by 1.52%, CapitaLand Investment dropped 2.71%, and City Developments fell by 0.77%. Meanwhile, Comfort DelGro saw a modest increase of 0.69%, DBS Group surged 2.11%, and Genting Singapore gained 1.30%. Conversely, companies like Hongkong Land and Keppel DC REIT recorded losses, while Oversea-Chinese Banking Corporation experienced a significant rise of 4.15%, and Yangzijiang Shipbuilding surged by 4.41%.
Wall Street's direction suggests stability, with major indexes reflecting little movement. Initial declines early on Wednesday were countered throughout the day, resulting in a mixed but largely unchanged close.
The uncertain behavior on Wall Street was influenced by ambiguous signals regarding interest rates, following mixed U.S. employment data. While ADP reported unexpectedly slower private sector job growth in December, the Labor Department noted a surprising drop in weekly jobless claims to their lowest point in almost 11 months.
The Federal Reserve's latest monetary policy meeting minutes, released later in the day, offered limited new insights into interest rate trends, apart from indicating a "careful approach" would be applied to upcoming decisions.
Oil futures declined on Wednesday due to a significant increase in gasoline inventories and the strengthening of the dollar, impacting oil pricing. West Texas Intermediate Crude oil futures for February closed down by $0.93, or 1.25%, at $73.32 per barrel.
