The Singapore stock market has experienced an upward trend over the past three sessions, gaining nearly 50 points or 1.3 percent. The Straits Times Index (STI) currently sits just above the 3,600-point mark, and indications suggest that it may open positively again on Thursday.
The outlook for Asian markets is optimistic, spurred by the definitive outcome of the U.S. presidential election. While European markets closed lower, U.S. stock exchanges finished higher, and it's likely that Asian markets will follow this upward momentum.
On Wednesday, the STI saw modest gains, primarily driven by the performance of financial stocks and industrial sectors, although real estate and REITs showed mixed results.
The index concluded the day with an increase of 21.38 points or 0.60 percent, closing at 3,602.99, after fluctuating between 3,578.52 and 3,606.92 in trading.
In market movements: CapitaLand Integrated Commercial Trust decreased by 0.50 percent, Comfort DelGro rose by 0.68 percent, DBS Group saw a slight increase of 0.15 percent, Emperador advanced 1.18 percent, Genting Singapore climbed 1.19 percent, Hongkong Land plunged 3.23 percent, Keppel DC REIT decreased by 1.77 percent, Keppel Ltd rose by 0.47 percent, Mapletree Pan Asia Commercial Trust fell 1.55 percent, Mapletree Industrial Trust dropped 3.31 percent, Oversea-Chinese Banking Corporation rose by 1.26 percent, SATS increased 0.50 percent, Seatrium Limited advanced 2.07 percent, SembCorp Industries gained 0.20 percent, Singapore Technologies Engineering surged 2.42 percent, SingTel jumped 1.58 percent, Thai Beverage improved 0.99 percent, Wilmar International decreased by 0.32 percent, Yangzijiang Financial increased by 1.25 percent, Yangzijiang Shipbuilding rose 2.00 percent, while CapitaLand Investment, City Developments, Mapletree Logistics Trust, and UOL Group remained unchanged.
On Wall Street, indices opened higher and maintained their upward momentum throughout the session, ending at the day's peaks.
The Dow Jones Industrial Average soared by 1,508.05 points, or 3.57 percent, to settle at 43,729.93. The NASDAQ Composite rose 544.29 points, or 2.95 percent, to close at 18,983.46, and the S&P 500 climbed 146.28 points, or 2.53 percent, to finish at 5,929.04.
This robust rally followed the announcement of former President Trump as the winner of the presidential election over Vice President Kamala Harris. The clear-cut victory eliminated the uncertainty that might have accompanied a protracted vote count or legal disputes.
Investors will now focus on the Federal Reserve, which is expected to announce its latest monetary policy decision. It is anticipated that the Fed will cut interest rates by 25 basis points, although the accompanying statement could influence expectations for future rate adjustments.
Oil prices experienced a decline on Wednesday as reports indicated that U.S. crude inventories grew more than anticipated last week, compounded by the pressure of a stronger dollar. West Texas Intermediate Crude oil futures for December settled down $0.30, or 0.42 percent, at $71.69 per barrel.
