Singapore stock market expected to rebound

(RTTNews) – The Singapore Stock Exchange ended a three-day winning streak on Wednesday in which it had collected almost 45 points, or 1.4%. The Straits Times Index now sits just below the 3,130 point plateau, although it could rise further on Thursday.

Global forecasts for Asian markets are cautiously optimistic, again supported by oil and tech companies. European markets were down and US stock markets were up and Asian markets are expected to follow this latest trend.

The STI ended slightly lower on Wednesday following mixed performances from financial stocks and industrials.

For the day, the index lost 4.89 points or 0.16% to end at 3,129.77 after trading between 3,124.31 and 3,140.75. The volume was 1.11 billion shares worth S $ 1.04 billion. There were 223 winners and 202 declining ones.

Among assets, CapitaLand Integrated Commercial Trust fell 0.49%, while City Developments rose 0.14%, Comfort DelGro fell 0.71%, DBS Group fell 0.22%, Genting Singapore added 0.65%, Keppel Corp rose 0.39%, Oversea-Chinese Banking Corporation fell 0.26%, SATS lost 1.27%, SembCorp Industries fell 1.00%, Singapore Airlines fell gained 0.40%, Singapore Exchange fell 0.95%, Singapore Press Holdings lost 0.43%, Singapore Technologies Engineering slipped 0.53%, SingTel jumped 1.24%, United Overseas Bank lost recovered 0.41 percent, Wilmar International fell 0.48 percent, Yangzijiang Shipbuilding plunged 1.52 percent and Dairy Farm International, Mapletree Commercial Trust, Mapletree Logistics Trust, Ascendas REIT and Thai Beverage remained unchanged.

The Wall Street lead is positive, as the main open averages on Wednesday were mixed, overcame a midday slump and ended in the green.

The Dow added 35.32 points or 0.10% to end at 35,754.75, while the NASDAQ jumped 100.07 points or 0.64% to end at 15,786.99 and the S&P 500 rose 14.46 points or 0.31% to close at 4,701.21.

The choppy trading seen for most of the day came as traders expressed some uncertainty about the near-term outlook for markets in the wake of recent volatility.

With concerns about the impact of the loosening of the Omicron variant, traders are now looking to the Federal Reserve’s monetary policy announcement next week. Reports suggest the Fed may decide to double the pace of cutting its asset purchase program to $ 30 billion per month.

Some positive sentiment has been generated by comments from Pfizer (PFE) and BioNTech (BNTX) regarding the effectiveness of their Covid vaccine, as preliminary laboratory studies have shown that three doses of their vaccine neutralize the Omicron variant.

Crude oil futures stabilized higher on Wednesday after the Energy Information Administration (EIA) reported lower U.S. crude inventories last week. West Texas Intermediate crude oil futures for January ended up $ 0.31 or 0.4% at $ 72.36 a barrel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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