Overbought Singapore Market Nonetheless Called Higher On Friday

(RTTNews) - The Singapore stock market has moved higher in nine straight sessions, improving more than 140 points or 3.6 percent along the way. The Straits Times Index now rests just above the 4,160-point plateau and it's got another green light for Friday's trade.

The global forecast for the Asian markets is positive, with oil, technology and financial shares likely to lead the way higher. The European and U.S. markets were up and the Asian markets figure to follow that lead.

The STI finished modestly higher again on Thursday following gains from the retail and telecom stocks, while the financials, properties and industrials were mixed.

For the day, the index improved 29.18 points or 0.71 percent to finish at 4,161.43 after trading between 4,140.63 and 4,163.45.

Among the actives, CapitaLand Investment shed 0.36 percent, while City Developments and Yangzijiang Shipbuilding both slumped 0.84 percent, Comfort DelGro advanced 0.70 percent, DBS Group jumped 1.21 percent, DFI Retail Group surged 4.00 percent, Hongkong Land rallied 0.80 percent, Keppel Ltd added 0.62 percent, Mapletree Pan Asia Commercial Trust dropped 0.79 percent, Oversea-Chinese Banking Corporation climbed 0.71 percent, SATS rose 0.31 percent, Seatrium Limited spiked 1.81 percent, SembCorp Industries fell 0.26 percent, Singapore Technologies Engineering gained 0.48 percent, SingTel soared 2,96 percent, Thai Beverage skidded 1.05 percent. United Overseas Bank collected 0.25 percent, UOL Group sank 0.58 percent, Wilmar International improved 0.67 percent, Yangzijiang Financial stumbled 1.10 percent and Mapletree Industrial Trust, Mapletree Logistics Trust, CapitaLand Ascendas REIT, CapitaLand Integrated Commercial Trust, Genting Singapore, Keppel DC REIT and Frasers Logistics & Commercial Trust were unchanged.

The lead from Wall Street is upbeat as the major averages opened solidly in the green on Thursday and extended their gains throughout the day.

The Dow jumped 229.71 points or 0.52 percent to finish at 44,484.49, while the NASDAQ rallied 155.16 points or 0.75 percent to close at a record 20,855.65 and the S&P 500 gained 33.66 points or 0.54 percent to end at 6,297.36, also a record.

The continued strength on Wall Street followed the release of a batch of upbeat U.S. economic data, including a Commerce Department report showing retail sales rebounded by much more than expected in the month of June.

A separate report from the Labor Department showed first-time claims for U.S. unemployment benefits unexpectedly dipped to a three-month low last month, while import prices in the U.S. inched up less than expected in June.

Crude oil prices increased on Thursday as fresh tension brewing in the Middle East generated demand, while a drop in U.S. inventories was seen as reflecting robust summer demand. West Texas Intermediate crude for August delivery surged $1.16 to settle at $67.54 per barrel.