Singapore Stock Market Tipped To Open In The Green

(RTTNews) - The Singapore stock market has moved higher in three straight sessions, adding more than 55 points or 1.3 percent along the way. The Straits Times Index now sits just above the 4,320-point plateau and it may add to its winnings again on Thursday.

The global forecast for the Asian markets is positive on optimism over the outlook for interest rates. The European and U.S. markets were up and the Asian bourses are expected to follow that lead.

The STI finished modestly higher on Wednesday following gains from the properties and trusts and mixed performances from the financial hares and industrials.

For the day, the index improved 22.96 points or 0.53 percent to finish at 4,323.12 after trading between 4,307.76 and 4,335.24.

Among the actives, CapitaLand Ascendas REIT improved 0.72 percent, while CapitaLand Integrated Commercial Trust jumped 0.87 percent, City Developments was up 0.14 percent, Comfort DelGro slumped 0.69 percent, DBS Group strengthened 0.84 percent, DFI Retail Group tumbled 1.23 percent, Genting Singapore dropped 0.68 percent, Hongkong Land spiked 1.74 percent, Keppel Ltd rose 0.45 percent, Mapletree Pan Asia Commercial Trust increased 0.70 percent, Mapletree Industrial Trust gained 0.47 percent, Mapletree Logistics Trust climbed 0.80 percent, Oversea-Chinese Banking Corporation collected 0.43 percent, SATS soared 1.77 percent, Seatrium Limited surged 2.11 percent, SembCorp Industries added 0.50 percent, Singapore Technologies Engineering sank 0.46 percent, SingTel perked 0.24 percent, United Overseas Bank gathered 0.29 percent, UOL Group rallied 0.90 percent, Wilmar International accelerated 1.05 percent, Yangzijiang Financial stumbled 1.67 percent, Yangzijiang Shipbuilding plunged 2.67 percent and CapitaLand Investment, Keppel DC REIT and Thai Beverage were unchanged.

The lead from Wall Street remains cautiously optimistic as the major averages opened lower on Wednesday but trended higher through the session and ended with modest gains.

The Dow added 43.21 points or 0.09 percent to finish at a record 46,441.10, while the NASDAQ gained 95.15 points or 0.42 percent to close at 22.755.16 and the S&P 500 rose 22.74 points or 0.34 percent to end at 6,711.20, also a record.

The initial pullback came after the U.S. government officially shut down early this morning after lawmakers failed to pass a temporary spending bill.

However, the early selling pressure was offset by optimism about the outlook for interest rates following the release of disappointing private sector employment data.

The subsequent turnaround also came as analysts pointed out that the markets have historically not been materially impacted by government shutdowns.

Crude oil prices fell sharply again Wednesday on concerns of excess supply after OPEC said it will hike output more than expected in November. West Texas Intermediate crude for November delivery was down by $0.60 or 0.96 percent at $61.77 per barrel.