The Singapore stock market has declined for three consecutive sessions, losing over 55 points or 1.5 percent during this period. The Straits Times Index (STI) now hovers just above the 3,580-point mark, but there is hope that the market will stabilize on Friday.
Globally, the outlook for Asian markets remains positive, buoyed by continued optimism regarding interest rates. European and U.S. markets have closed higher, and it is anticipated that Asian markets will follow this trend, although some profit-taking might occur later in the day.
On Thursday, the STI experienced a minor decline, driven by mixed performances across financial shares, property stocks, and industrial sectors. The index edged down by 1.04 points or 0.03 percent, closing at 3,582.23, within a trading range of 3,570.66 to 3,609.06.
In terms of specific stocks:
- CapitaLand Integrated Commercial Trust and Yangzijiang Shipbuilding both rose by 1.90 percent.
- CapitaLand Investment increased by 1.35 percent.
- City Developments gained 0.56 percent.
- Comfort DelGro climbed by 1.33 percent.
- DBS Group dipped slightly by 0.18 percent.
- DFI Retail surged by 2.58 percent.
- Emperador dropped by 1.14 percent.
- Genting Singapore fell by 1.18 percent.
- Hongkong Land advanced by 0.83 percent.
- Keppel Ltd shed 0.31 percent.
- Mapletree Pan Asia Commercial Trust declined by 0.68 percent.
- Mapletree Industrial Trust improved by 0.82 percent.
- Oversea-Chinese Banking Corporation lost 0.26 percent.
- SATS increased by 1.12 percent.
- Seatrium Limited added 0.57 percent.
- SembCorp Industries spiked by 2.19 percent.
- Singapore Technologies Engineering decreased by 0.22 percent.
- SingTel plummeted by 2.13 percent.
- Wilmar International dropped by 0.95 percent.
- Yangzijiang Financial surged by 2.86 percent.
- Stocks such as Keppel DC REIT, Thai Beverage, Mapletree Logistics Trust, and Frasers Logistics & Commercial Trust remained unchanged.
Wall Street provided an optimistic lead, with major indices opening higher on Thursday and maintaining a positive trajectory throughout the session.
- The Dow Jones Industrial Average rose by 260.36 points or 0.62 percent, closing at 42,175.11.
- The NASDAQ Composite climbed by 108.09 points or 0.60 percent, ending at 18,190.29.
- The S&P 500 added 23.11 points or 0.40 percent, finishing at 5,745.37.
The rally on Wall Street was spurred by strength in the tech sector, led by Micron (MU) after it reported better-than-expected quarterly results and provided strong fiscal revenue guidance.
Stocks also received a boost from positive U.S. economic data. The Labor Department reported a surprising decline in first-time claims for jobless benefits last week. Additionally, the Commerce Department reported that new orders for U.S. manufactured durable goods were virtually unchanged in August.
Oil prices saw a sharp decline on Thursday due to concerns about oversupply after reports indicated that OPEC would reinstate 2.2 million barrels per day of production cuts back into the market. West Texas Intermediate Crude oil futures for November fell by $2.02 or 2.9 percent, closing at $67.67 per barrel.
