Singapore stock market due to consolidation
(RTTNews) – Singapore’s stock market ended higher in four consecutive sessions, rallying nearly 95 points or 3.3% along the way. The Straits Times Index now sits just below the 2,975 point plateau, despite being due to a serious crash on Friday.
The global outlook for Asian markets is decidedly negative when it comes to interest rates and Treasury interest rates. The European and American markets were decidedly in the red and Asian stock markets should follow suit.
The STI ended sharply higher on Thursday following gains in financial stocks, real estate stocks and industrial issues.
For the day, the index climbed 48.96 points or 1.67 percent to end at 2,973.54 after trading between 2,949.62 and 2,976.36. The volume was 2.23 billion shares worth S $ 1.96 billion. There were 329 winners and 184 losers.
Among assets, Ascendas REIT gained 1.01%, while CapitaLand grew 2.54%, CapitaLand Integrated Commercial Trust accelerated 2.91%, City Developments climbed 2.46%, Comfort DelGro and DBS Group both added 1.89%, Dairy Farm International rose 1.82%, Genting Singapore soared. 1.18%, Keppel Corp increased 1.79%, Mapletree Commercial Trust jumped 2.51%, Mapletree Logistics Trust strengthened 1.08%, Oversea-Chinese Banking Corporation collected 2.03% , SATS rose 2.99%, SembCorp Industries jumped 6.02%, Singapore Airlines rose 7.25%, Singapore Press Holdings rose 2.40%, Singapore Technologies Engineering rose 2.14 %, Thai Beverage rose 2.08%, United Overseas Bank jumped 3.22%, Yangzijiang Shipbuilding and Singapore Exchange both gained 1.92%, and SingTel and Wilmar international were left unchanged.
Wall Street’s lead is broadly negative as stocks opened in the red and saw losses continue to accelerate as the day wore on.
The Dow Jones plunged 559.85 points or 1.75% to close at 31,402.01, while the NASDAQ fell 478.54 points or 3.52% to close at 13,119.43 and the S&P 500 fell 96.09 points or 2.45% to close at 3,829.34.
The massive sell-off on Wall Street followed a continued rise in yields on Treasuries, leading to further concerns about interest rates. Ten-year and thirty-year bond yields hit their highest levels in a year, with the ten-year yield surpassing 1.6% in intraday trading.
The surge in yields followed the release of a bundle of largely bullish US economic data, including a Labor Department report showing a sharp drop in early US jobless claims last week.
The Commerce Department also reported that new orders for manufactured durable goods in the United States rose more than expected in January. A separate Commerce Department report showed U.S. gross domestic product grew slightly more than expected in the fourth quarter of 2020.
Crude oil futures rose Thursday for a fourth consecutive session in hopes that global energy demand will experience a significant increase and reach pre-Covid-19 levels by the end of this year. West Texas Intermediate crude oil futures for April rose $ 0.31 or 0.5% to $ 63.53 per barrel after hitting a new 13-month high of $ 63.81 per barrel.
Closer to home, Singapore will provide January figures for bank loans, industrial production and producer prices later today. In December, bank loans stood at SGD 678.7 billion, while industrial production was up 2.4% month on month and 14.3% year on year and producer prices fell by 6.9% over one year.
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