Rally May Stall For Singapore Stock Market

(RTTNews) - The Singapore stock market has moved higher in 14 straight sessions, improving more than 250 points or 6.2 percent along the way. The Straits Times Index now rests just above the 4,270-point plateau although it's overdue for consolidation on Friday.

The global forecast for the Asian markets is cautiously optimistic on the improving outlook for trade deals. The European and U.S. markets were mixed and little changed and the Asian markets are likely to follow that lead, with some profit taking in order.

The STI finished sharply higher again on Thursday following gains from the financial and retail shares, while the industrials and properties were mixed.

For the day, the index advanced 41.77 points or 0.99 percent to finish at 4,273.05 after trading between 4,237.72 and 4,274.32.

Among the actives, CapitaLand Integrated Commercial Trust slumped 0.90 percent, CapitaLand Investment sank 0.71 percent, City Developments rallied 1.47 percent, Comfort DelGro soared 2.67 percent, DBS Group spiked 2.24 percent, DFI Retail Group surged 2.90 percent, Genting Singapore jumped 1.33 percent, Hongkong Land stumbled 2.21 percent, Keppel DC REIT dropped 0.88 percent, Keppel Ltd increased 0.86 percent, Mapletree Logistics Trust retreated 1,65 percent, Oversea-Chinese Banking Corporation and United Overseas Bank both collected 0.35 percent, SATS improved 0.89 percent, Seatrium Limited shed 0.41 percent, Singapore Technologies Engineering skyrocketed 7.13 percent, SingTel gained 0.24 percent, Thai Beverage and Yangzijiang Financial both climbed 1.05 percent, UOL Group fell 0.29 percent, Wilmar International advanced 0.99 percent, Yangzijiang Shipbuilding accelerated 1.61 percent and Mapletree Pan Asia Commercial Trust, Mapletree Industrial Trust, CapitaLand Ascendas REIT and SembCorp Industries were unchanged.

The lead from Wall Street suggests mild upside as the major averages opened mixed on Thursday and closed in the same fashion.

The Dow stumbled 316.38 points or 0.70 percent to finish at 44,693.91, while the NASDAQ gained 37.94 points or 0.18 percent to close at 21,057.96 and the S&P 500 rose 4.44 points or 0.07 percent to end at 6,363.35.

The strength on Wall Street came on optimism that the U.S. could sign up more deals with its remaining trading partners before President Donald Trump's Aug. 1 deadline.

As UK, China, Vietnam, and Indonesia have come to an agreement with the U.S. already, Canada, India, South Korea, and the EU are ramping up their efforts. U.S. Secretary of the Treasury Scott Bessent reportedly said that the talks were "going better than they had been," and that progress was being made.

In economic news, the Commerce Department said that new home sales in the U.S. rebounded less than expected in June. Also, the Labor Department said U.S. initial jobless claims unexpectedly fell last week.

Crude oil rose on Thursday after the U.S. Energy Information Administration said crude stockpiles declined more than expected last week. West Texas Intermediate crude for September was up $0.87 or 1.33 percent to $66.12 per barrel.

Closer to home, Singapore will see June data for industrial production later today; in May, production was down 0.4 percent on month and up 3.9 percent on year.