The Singapore stock market has been on an upward trajectory for six consecutive sessions, accruing over 110 points, representing a 3% increase. The Straits Times Index (STI) is currently positioned just above the 3,820 mark. However, investors might opt to secure their profits on Friday.
Globally, Asian markets are expected to open flat to slightly lower, influenced by the anticipation of key U.S. employment statistics due later in the day. While European markets saw mild gains, U.S. and likely Asian markets are predicted to follow the latter's downward trend.
On Thursday, the STI saw moderate advances, bolstered by industrial stocks and mixed outcomes in financials, real estate, and real estate investment trusts (REITs). The index increased by 22.74 points, or 0.60%, settling at 3,822.68, having traded within a range of 3,810.11 to 3,842.71.
In terms of individual performance, CapitaLand Integrated Commercial Trust decreased by 0.51%, while CapitaLand Investment fell by 0.36%. City Developments dropped 0.56%, whereas Comfort DelGro increased by 1.35%. DBS Group saw a 1.00% rise, whereas DFI Retail declined sharply by 3.94%. Emperador improved by 1.20%, with Genting Singapore rallying 1.28%, and Hongkong Land soaring 3.99%. Other movements included a 0.45% gain for Keppel DC REIT, a 0.59% increment for Keppel Ltd, and a 0.81% dip for Mapletree Pan Asia Commercial Trust. Mapletree Industrial Trust rose by 0.44%, as Oversea-Chinese Banking Corporation gained 0.43%, Seatrium Limited climbed 0.99%, and SembCorp Industries soared 2.73%. Singapore Technologies Engineering slightly dipped by 0.22%, while SingTel and Yangzijiang Financial dropped by 1.27% and 1.23%, respectively. Yangzijiang Shipbuilding spiked by 2.33%, with Thai Beverage, Wilmar International, Mapletree Logistics Trust, and SATS remaining unchanged.
The outlook from Wall Street is subdued, as major indices started flat on Thursday before declining slightly by the session's end. The Dow Jones Industrial Average fell by 248.33 points, or 0.55%, closing at 44,765.71. The NASDAQ dropped 34.86 points, or 0.18%, settling at 19,700.26, while the S&P 600 declined by 11.38 points, or 0.19%, ending at 6,075.11.
Overall, trading activity was restrained as investors hesitated to make substantial moves before the release of the Labor Department's widely regarded monthly employment report, which is pivotal. The results could influence interest rate expectations ahead of the Federal Reserve's upcoming monetary policy meeting later this month. While many traders are confident that the Fed will implement a 25 basis point rate cut in December, uncertainty persists regarding future rate reductions.
Crude oil prices experienced a decline on Thursday, pressured by weak demand from China and increased production in the United States. The downward pressure was somewhat mitigated by OPEC's decision to postpone a production increase. West Texas Intermediate Crude oil futures for January fell $0.24 or 0.4%, settling at $68.30 a barrel.
