Singapore Bourse May Add To Thursday's Gains

(RTTNews) - Ahead of Friday's holiday for Labor Day, the Singapore stock market had ended the six-day losing streak in which it had tumbled almost 140 points or 3 percent. The Straits Times Index now rests just above the 4,910-point plateau and it may add to its winnings on Monday.

The global forecast for the Asian markets is cautiously optimistic on strength from the technology stocks and easing crude oil prices. The European and U.S. markets were mixed to higher and the Asian markets are likely to open in similar fashion.

The STI finished sharply higher on Thursday following gains from the financial shares and mixed performances from the property and industrial sectors.

For the day, the index climbed 51.72 points or 1.06 percent to finish at 4,912.69 after trading between 4,880.67 and 4,917.19.

Among the actives, CapitaLand Integrated Commercial Trust retreated 1.26 percent, while CapitaLand Investment sank 0.71 percent, City Developments contracted 0.97 percent, DBS Group surged 3.43 percent, DFI Retail Group declined 1.18 percent, Genting Singapore dropped 0.73 percent, Hongkong Land jumped 1.94 percent, Keppel DC REIT lost 0.42 percent, Keppel Ltd gained 0.65 percent, Mapletree Pan Asia Commercial Trust skidded 0.77 percent, Mapletree Logistics Trust slumped 0.81 percent, Oversea-Chinese Banking Corporation climbed 1.11 percent, SATS slipped 0.30 percent, Seatrium Limited tumbled 1.67 percent, SembCorp Industries perked 0.15 percent, Singapore Airlines fell 0.32 percent, Singapore Exchange vaulted 1.93 percent, Singapore Technologies Engineering added 0.66 percent, SingTel rallied 1.32 percent, United Overseas Bank collected 1.03 percent, UOL Group stumbled 1.30 percent, Wilmar International plummeted 5.74 percent, Yangzijiang Shipbuilding shed 0.46 percent and CapitaLand Ascendas REIT, Thai Beverage and Mapletree Industrial Trust were unchanged.

The lead from Wall Street is mostly positive as the major averages opened higher but bounced up and down all day, finally ending mixed.

The Dow dropped 152.83 points or 0.31 percent to finish at 49,499.27, while the NASDAQ rose 222.14 points or 0.89 percent to close at a record 25,114.44 and the S&P 500 added 21.11 points or 0.29 percent to end at 7,230.12, also a record.

For the week, the NASDAQ jumped 1.1 percent, the S&P 500 climbed 0.9 percent and the Dow increased 0.6 percent.

The early strength on Wall Street came amid a sharp increase by shares of Apple (AAPL), which saw better than expected Q2 results and forecast revenues for the current quarter above estimates.

In U.S. economic news, the Institute for Supply Management reported that manufacturing activity expanded for the fourth consecutive month in April.

Crude oil prices plunged on Friday on hopes for an end to hostilities even as the Strait of Hormuz remains closed, continuing to disrupt crude oil supply. West Texas Intermediate crude for June delivery was down $3.28 or 3.28 percent at $101.79 per 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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