The Singapore stock market rebounded on Thursday, offsetting Wednesday's decline that ended a four-day winning streak, during which the Straits Times Index (STI) rose nearly 50 points or 1.5%. The STI now sits just below the 3,305-point mark, but it could trend downward again on Friday.
The global forecast for Asian markets indicates potential consolidation, primarily driven by profit-taking following recent gains. Both European and U.S. markets experienced losses, setting the stage for a similar performance in Asian bourses.
On Thursday, the STI registered a modest gain, supported by strong performances in the property sector and mixed results in the financial and industrial sectors. The index added 15.57 points or 0.47%, closing at 3,304.99, swinging between 3,300.86 and 3,324.01 during the trading session.
Active stocks included CapitaLand Integrated Commercial Trust, which surged 2.05%, and CapitaLand Investment, up by 1.53%. City Developments gained 1.72%, while Comfort DelGro dipped 0.71%. DBS Group increased by 0.68%, Emperador improved 1.18%, and Genting Singapore fell 2.16%. Hongkong Land rose 0.29%, Keppel DC REIT soared 4.07%, and Keppel Ltd gained 0.90%. Mapletree Pan Asia Commercial Trust and Mapletree Industrial Trust surged 4.10% and 2.29%, respectively, while Mapletree Logistics Trust spiked 3.82%. Oversea-Chinese Banking Corporation dropped 0.35%, SATS added 0.78%, Seatrium Limited advanced 1.26%, and SembCorp Industries fell 0.95%. Singapore Technologies Engineering increased by 0.71%, Thai Beverage slumped 1.00%, Wilmar International declined 0.63%, Yangzijiang Financial strengthened 1.59%, and both Yangzijiang Shipbuilding and SingTel remained unchanged.
Wall Street provided a tepid lead as major indices spent most of Thursday in positive territory before late profit-taking pushed them down. The Dow dropped 38.62 points or 0.10% to 39,869.38. Meanwhile, the NASDAQ fell 44.07 points or 0.26% to 16,698.32, and the S&P 500 decreased by 11.05 points or 0.21% to 5,297.10.
Early gains on Wall Street extended Wednesday's rally, fueled by optimism regarding interest rates following softer-than-expected consumer price inflation data. However, buying interest diminished during the session as traders locked in recent gains.
In economic news, the U.S. Labor Department reported a decrease in initial jobless claims last week. Additionally, U.S. import prices in April rose more than expected, and industrial production remained flat.
Oil prices advanced on Thursday, continuing to benefit from an unexpected drop in U.S. crude inventories last week. The anticipation of an interest rate cut in September also contributed to the rise. West Texas Intermediate crude oil futures for June climbed by $0.60, closing at $79.23 a barrel.
Closer to home, Singapore is set to release April figures for non-oil domestic exports later today. In March, non-oil domestic exports (NODX) declined 8.4% month-on-month and 20.7% year-on-year, resulting in a trade surplus of SGD 4.657 billion.
