On Wednesday, the Singapore stock market concluded a four-day losing streak during which it fell over 255 points or 7.8%. The Straits Times Index (STI) now sits just below the 3,250-point level, though it may experience a downturn on Thursday.The global forecast for Asian markets is mixed to lower due to ongoing concerns regarding the U.S. economy’s health. While European markets saw gains, U.S. stock exchanges declined, suggesting that Asian markets may follow the U.S. lead.The STI posted significant gains on Wednesday, driven by advances in financial shares, property stocks, and industrial issues. The index surged by 51.28 points or 1.60% to close at 3,249.72, trading between 3,219.89 and 3,267.64 during the session.Among the more active stocks, CapitaLand Integrated Commercial Trust rose by 1.47%, while CapitaLand Investment decreased by 1.19%. City Developments saw a 0.59% uptick, Comfort DelGro added 1.46%, and DBS Group experienced a robust increase of 2.75%. Conversely, Genting Singapore dipped by 0.62%. Other notable movements included Hongkong Land, up by 1.53%, Keppel DC REIT, which gained 1.49%, and Keppel Ltd, which increased by 1.01%. Mapletree Pan Asia Commercial Trust rose by 0.81%, Mapletree Industrial Trust and Frasers Centrepoint Trust each climbed by 0.90%, and Oversea-Chinese Banking Corporation advanced by 1.66%. SATS rose by 0.98%, SembCorp Industries saw an impressive gain of 6.29%, and Singapore Technologies Engineering climbed by 2.40%. SingTel rallied by 1.75%, Thai Beverage spiked by 2.06%, Venture Corporation plummeted by 4.44%, Wilmar International accelerated by 1.99%, Yangzijiang Financial strengthened by 1.54%, Yangzijiang Shipbuilding increased by 1.71%, and Emperador, Seatrium Limited, Mapletree Logistics Trust, and Frasers Logistics & Commercial Trust remained unchanged.Wall Street provided a weak lead as major averages opened strongly on Wednesday but weakened throughout the day, ending with notable losses. The Dow Jones Industrial Average fell by 234.21 points or 0.60% to close at 38,763.45, the NASDAQ dropped 171.05 points or 1.05% to 16,195.81, and the S&P 500 declined by 40.53 points or 0.77% to 5,199.50.Initially, stocks benefited from bargain hunting as traders sought to purchase stocks at reduced levels following a recent sell-off. However, buying interest quickly decreased as concerns about the U.S. economic outlook persisted.On the commodities front, oil prices climbed sharply on Wednesday, driven by data indicating a much larger-than-expected drop in U.S. crude inventories last week. West Texas Intermediate Crude oil futures for September ended the session up by $2.03 or 2.75%, closing at $75.23 a barrel.The material has been provided by InstaForex Company – www.instaforex.com
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