Losing Streak May End For Singapore Stock Market

(RTTNews) - The Singapore stock market has moved lower in three straight sessions, sinking almost 20 points or 0.4 percent in that span. The Straits Times Index now sits just above the 4,570-point plateau although it may find traction on Friday.

The global forecast for the Asian markets is upbeat on renewed optimism over the outlook for interest rates. The European and U.S. markets were up and the Asian bourses figure to follow that lead.

The STI finished slightly lower on Thursday following losses from the industrials, gains from the trusts and mixed performances from the banks and properties.

For the day, the index slipped 4.87 points or 0.11 percent to finish at 4,570.61 after trading between 4,561.14 and 4,582.15.

Among the actives, CapitaLand Ascendas REIT rose 0.36 percent, while CapitaLand Integrated Commercial Trust gained 0.43 percent, CapitaLand Investment slipped 0.38 percent, City Developments advanced 0.66 percent, DBS Group eased 0.22 percent, DFI Retail Group surged 2.01 percent, Genting Singapore slumped 0.69 percent, Hongkong Land stumbled 1.71 percent, Keppel Ltd fell 0.40 percent, Mapletree Pan Asia Commercial Trust expanded 0.69 percent, Mapletree Industrial Trust added 0.50 percent, Mapletree Logistics Trust rallied 0.78 percent, Oversea-Chinese Banking Corporation collected 0.31 percent, SATS jumped 0.81 percent, Seatrium Limited declined 0.96 percent, SembCorp Industries sank 0.51 percent, Singapore Technologies Engineering dropped 0.61 percent, SingTel lost 0.44 percent, United Overseas Bank perked 0.20 percent, UOL Group shed 0.47 percent, Wilmar International gathered 0.33 percent, Yangzijiang Financial retreated 1.18 percent, Yangzijiang Shipbuilding tumbled 1.42 percent and Keppel DC REIT, Comfort DelGro and Thai Beverage were unchanged.

The lead from Wall Street is positive as the major averages opened higher on Friday and remained in the green throughout the trading day, albeit off of session highs.

The Dow added 65.88 points or 0.14 percent to finish at 47,951.85, while the NASDAQ jumped 313.04 points or 1.38 percent to end at 23,006.36 and the S&P 500 gained 53.33 points or 0.79 percent to close at 6,774.76.

The strength on Wall Street came following the release of a closely watched Labor Department unexpectedly showing a slowdown in the annual rate of consumer price growth.

The tamer-than-expected inflation data has led to renewed confidence that the Federal Reserve will continue cutting interest rates next year.

A separate report from the Labor Department showed first-time claims for U.S. unemployment benefits declined roughly in line with estimates last week.

Crude oil prices inched higher again on Thursday amid the lingering geopolitical concerns stemming from Venezuela and Russia. West Texas Intermediate crude for January delivery was up $0.13 or 0.2 percent at $56.07 a barrel.