Additional Support Anticipated For Singapore Shares

(RTTNews) - The Singapore stock market has finished higher in six straight sessions, gathering more than 65 points or 1.6 percent along the way. The Straits Times Index now sits just above the 4,550-point plateau and it may see continued support on Thursday.

The global forecast for the Asian markets is cautiously optimistic on an improved outlook for interest rates. The European markets were mixed and flat and the U.S. bourses was mild upside and the Asian markets figure to split the difference.

The STI finished modestly higher again on Wednesday following gains from the financial shares and property stocks, while the industrials were mixed. For the day, the index added 16.56 points or 0.36 percent to finish at 4,554.52 after trading between 4,542.01 and 4,557.17. Among the actives, CapitaLand Ascendas REIT added 0.35 percent, while CapitaLand Investment tumbled 1.50 percent, City Developments and Venture Corporation both rose 0.27 percent, DBS Group improved 0.54 percent, DFI Retail Group surged 4.86 percent, Genting Singapore lost 0.67 percent, Hongkong Land climbed 0.61 percent, Keppel DC REIT dropped 0.87 percent, Keppel Ltd perked 0.10 percent, Mapletree Pan Asia Commercial Trust retreated 1.37 percent, Mapletree Logistics Trust shed 0.76 percent, Oversea-Chinese Banking Corporation jumped 0.96 percent, SATS gained 0.30 percent, Seatrium Limited fell 0.47 percent, SembCorp Industries skidded 0.99 percent, Singapore Technologies Engineering sank 0.85 percent, SingTel increased 0.42 percent, United Overseas Bank collected 0.58 percent, UOL Group gathered 0.23 percent, Wilmar International stumbled 2.81 percent, Yangzijiang Financial slumped 1.06 percent, Yangzijiang Shipbuilding rallied 0.89 percent and Thai Beverage, Mapletree Industrial Trust, CapitaLand Integrated Commercial Trust and Comfort DelGro were unchanged.

The lead from Wall Street is upbeat as the major averages opened in the red but quickly moved higher and continued to pick up speed through the day, ending near session highs.

The Dow jumped 408.44 points or 0.86 percent to finish at 47,882.90, while the NASDAQ added 40.42 points or 0.17 percent to close at 23,454.09 and the S&P 500 gained 20.35 points or 0.30 percent to end at 6,849.72.

The strength in the broader markets followed the release of a report from payroll processor ADP showing an unexpected decrease by private sector employment in November.

The data added to recently renewed optimism that the Federal Reserve will once again lower interest rates at its monetary policy meeting next week.

CME Group's FedWatch Tool is currently indicating an 89.0 percent chance the Fed will cut rates by another quarter point next week.

Crude oil prices rose on Wednesday as proposed Russia-Ukraine peace talks failed to deliver a breakthrough. West Texas Intermediate crude for January delivery was up $0.23 or 0.39 percent at $58.87 per barrel.