Over the past five trading days, Singapore’s stock market has experienced a mix of positive and negative closes following a three-day losing streak where it dropped nearly 35 points, or 1.1%. The Straits Times Index is currently just above the 3,140-point mark and could see further gains.Optimism about interest rates globally predicts a positive forecast for Asian markets. Market trends in Europe and the U.S suggest Asian markets might open in a similar upward direction. On Tuesday, moderate gains in property stocks were held back by weaker financial and industrial sectors, causing the Straits Times Index to rise slightly by 3.05 points or 0.10% to close at 3,141.47.Active stocks for the day included Ascendas REIT falling by 0.37%, CapitaLand Integrated Commercial Trust rising by 0.51%, CapitaLand Investment growing by 1.50%, and City Developments increasing by 0.84%. Meanwhile, Comfort DelGro climbed 0.74%, DBS Group dropped 0.30%, Emperador made a significant fall of 1.03%, and Hongkong Land raised 1.26%.Keppel Ltd slipped 0.97%, Mapletree Industrial Trust accumulated 0.44%; Mapletree Logistics Trust gained 0.68%, Oversea-Chinese Banking Corporation fell by 0.53%, SATS lost 0.39%, while Seatrium Limited climbed by 1.10%. SembCorp Industries fell 0.79%, SingTel rose 0.42%, Thai Beverage experienced a significant increase by 2.02%, Wilmar International, Yangzijiang Shipbuilding saw a significant decrease of 3.74%, whilr Mapletree Pan Asia Commercial Trust, Keppel DC REIT, Yangzijiang Financial, Genting Singapore, and Singapore Technologies Engineering remained unchanged.Gains were recorded from Wall Street, where indexes opened flat but quickly escalated positively. The Dow rose by 235.83 points or 0.61% to close at 39,005.49; NASDAQ surged by 246.36 points or 1.54% to end at 16,265.64, and the S&P 500 increased by 57.33 points or 1.12% to close at 5,175.27.Market strength is attributed to a favorable response to February’s consumer price inflation report from the U.S. Labor Department. Although core price growth decreased slightly less than anticipated, it led to increased optimism that the Federal Reserve could reduce interest rates in June. A separate report on producer price inflation for February is expected from the Labor Department.Concerns over demand outlook and U.S. inflation data caused oil futures to drop with West Texas Intermediate crude oil futures for April down $0.37 at $77.56 per barrel.The material has been provided by InstaForex Company – www.instaforex.com
- Russia’s GDP Monthly Growth Slows to 4.2% in March 2024 - April 27, 2024
- Russia’s Unemployment Rate Drops Slightly to 2.7% in March 2024 - April 27, 2024
- Russian Real Wage Growth Surges to 10.8% in February 2024 - April 27, 2024