On Thursday, Singapore's stock market saw a sharp rise, breaking its two-day winning streak during which it garnered almost 25 points or 0.7 percent. Currently, the Straits Times Index hovers just above the 3,235-point mark, though it's anticipated to start in the negative on Friday.
Asian markets are expected to face a downturn due to increasing concerns over the projection for interest rates. Although European markets experienced a slight upturn, U.S. markets dropped significantly, and Asian markets are presumed to follow the same trend.
The STI closed slightly higher on Thursday, with boosts from the finance sector and an amalgam of wins and losses from property stocks and industrials. The index gained 12.35 points or 0.38 percent, closing at 3,235.01.
Key players in the market included CapitaLand Integrated Commercial Trust and CapitaLand Investment, both rising by 0.51 percent and 1.49 percent, respectively. However, others like Comfort DelGro fell by 0.68 percent. In similar fashion, stocks in SembCorp Industries and Mapletree Logistics Trust skyrocketed with 2.79 percent and 2.04 percent increases, respectively, while Singapore Technologies Engineering gained a modest 0.50 percent.
Nevertheless, the U.S stock market points to a general negative trend. Though the major averages opened stronger on Thursday, a late decline resulted in significant losses. The Dow dropped 530.16 points or 1.35 percent, NASDAQ fell by 228.38 points or 1.40 percent, and the S&P 500 dipped 64.28 points or 1.23 percent.
These substantial declines occurred in the midst of a drastic surge in crude oil prices, which rose for the fifth consecutive session, resulting in concerns that elevated energy prices might deter the Federal Reserve from lowering interest rates.
On Thursday, oil prices continued to climb due to apprehensions surrounding supply disruptions caused by geopolitical tensions. West Texas Intermediate Crude oil futures rose by $1.16 or 1.4 percent, closing at $86.59 a barrel.
Earlier that day, a positive response to a Labor Department report triggering optimism about the prospect of interest rates gave stocks a strong start. The report showed higher-than-expected claims for U.S. unemployment benefits, although the chances of an interest rate cut in June remain uncertain.
Meanwhile, in Singapore, retail sales statistics for February will be released today. In January, retail sales dipped by 0.7 percent monthly but rose by 1.3 percent annually.
