Singapore Stock Market May Crack Resistance At 3,200 Points

(RTTNews) - The Singapore stock market bounced higher again on Thursday, one day after ending the three-day winning streak in which it had gained more than 20 points or 0.7 percent. The Straits Times Index now sits just above the 3,185-point plateau and it may add to its winnings on Friday.

The global forecast for the Asian markets is upbeat on easing concerns over the outlook for interest rates. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.

The STI finished slightly higher on Thursday as gains from the financials and industrials were dented by weakness from the trusts,

For the day, the index rose 7.03 points or 0.22 percent to finish at the daily high of 3,186.61 after moving as low as 3,170.21.

Among the actives, Ascendas REIT shed 0.76 percent, while CapitaLand Integrated Commercial Trust skidded 1.02 percent, CapitaLand Investment dropped 0.91 percent, City Developments improved 1.17 percent, Comfort DelGro added 0.98 percent, DBS Group rose 0.68 percent, Emperador surged 2.00 percent, Genting Singapore slumped 1.04 percent, Hongkong Land retreated 1.40 percent, Keppel Corp advanced 1.11 percent, Mapletree Pan Asia Commercial Trust tumbled 1.80 percent, Mapletree Industrial Trust declined 1.35 percent, Mapletree Logistics Trust fell 0.61 percent, Oversea-Chinese Banking Corporation was up 0.49 percent, SATS sank 0.80 percent, Singapore Technologies Engineering perked 0.27 percent, Thai Beverage gained 0.91 percent, United Overseas Bank collected 0.60 percent, Wilmar International climbed 1.28 percent, Yangzijiang Financial rallied 1.49 percent, Yangzijiang Shipbuilding jumped 1.56 percent and SembCorp Industries and SingTel were unchanged.

The lead from Wall Street is positive as the major averages shook off a flat lead on Thursday and climbed steadily throughout the session, ending solidly in the green.

The Dow climbed 168.59 points or 0.50 percent to finish at 33,833.61, while the NASDAQ jumped 133.63 points or 1.02 percent to close at 13,238.52 and the S&P 500 rose 26.41 points or 0.62 percent to end at 4,293.93.

The strength on Wall Street reflected easing concerns about the outlook for interest rates following the Labor Department report showing initial jobless claims increased by much more than expected last week.

While jobless claims can be volatile around holidays like Memorial Day, the data seems to have added to optimism that the Federal Reserve will pause its interest rate hikes at Wednesday's meeting.

Crude oil prices regained ground after a midday sell-off but still ended Thursday's trading session firmly in negative territory as concerns about the outlook for energy demand continued to weigh on the markets. West Texas Intermediate for July shed $1.24 or 1.7 percent at $71.29 a barrel.