After a two-day dip, the Singapore stock market suffered another drop. The Straits Times Index finished just under the 3,150-point plateau, creating expectations for renewed support in the near future. The international economic forecast indicates a positive outlook for Asian markets due to sound economic data and a surge in crude oil prices, setting the stage for a potential rebound.
The STI's modest decrease was affected by losses in the property sector, gains in industrial, and mixed results in finance. The Index decreased by 5.69 points (0.18%) to finish at 3,147.64.
Ascendas REIT decreased by 2.02%, while CapitaLand Integrated Commercial Trust fell by 2.49%, and City Developments declined by 1.43%. Meanwhile, DBS Group and Keppel Ltd rose by 0.25% and 0.58% respectively.
The leading shares from Wall Street opened higher, albeit with a midday stumble, closing the day on a positive note. The Dow, NASDAQ, and the S&P 500 experienced increases, with the S&P 500 ending at a new record high, driven by a stronger than expected US economic growth and a slowdown in inflation rates.
Investors, however, remained cautious due to the upcoming report on personal income and spending which could significantly influence interest rates. The report, coupled with an anticipated rise in industrial production according to forecasts, sets the stage for market movements in the coming days. Notably, the crude oil inventory in the US dropped more than expected, leading to an increase in oil prices.
As we turn our attention to Singapore, the nation is set to release its December data for industrial production. Forecast suggests an increase of 1.9% month-on-month and a 1.0% rise year-on-year, a recovery following the 7.8% monthly decline and the 1.0% annual increase in November.
