Renewed selling pressure is likely for the Singapore stock market

(RTTNews) – The Singapore stock market has risen in back-to-back sessions, reaping more than 30 points or 1% along the way. The Straits Times Index is now just above the 3,300 plateau, although it is eyeing further consolidation on Friday.

The global outlook for Asian markets is mixed on the downside, with profit taking expected after strong gains a day earlier – particularly among tech stocks. European and US markets were mixed and Asian stock exchanges are expected to follow suit.

The STI ended slightly higher on Thursday after gains in financial and industrial stocks, while properties were mixed.

For the day, the index improved 15.63 points or 0.48% to end at 3,301.96 after trading between 3,287.84 and 3,307.29. The volume was 1.43 billion shares worth S$1.28 billion. There were 304 winners and 200 decliners.

Among assets, Ascendas REIT accelerated 1.37%, while CapitaLand Integrated Commercial Trust rose 0.48%, CapitaLand Investment fell 4.39%, City Developments fell 0.12%, Comfort DelGro and DBS Group both added 0.69%, Genting Singapore jumped 1.21%, Keppel Corp was up 0.29%, Mapletree Pan Asia Commercial Trust gained 0.52%, Mapletree Industrial Trust was up 0.52%. strengthened 1.12%, Mapletree Logistics Trust climbed 2.27%, Oversea-Chinese Banking Corporation raised 0.73%, SATS rose 0.49%, SembCorp Industries rose 0.93%, Singapore Technologies Engineering lost 0.49%, SingTel fell 1.13%, Thai Beverage jumped 2.26%, United Overseas Bank climbed 0.96%, Wilmar International rebounded 1.20%, Yangzijiang Financial fell 1.27%, Yangzijiang Shipbuilding jumped 2.63% and Singapore Exchange, Hongkong Land and DFI Retail remained unchanged. .

Wall Street’s lead is weak as major averages opened higher on Thursday but couldn’t hold early gains and ultimately ended mixed.

The Dow Jones rose 27.16 points or 0.08% to end at 33,336.67, while the NASDAQ fell 74.89 points or 0.58% to end at 12,779.91 and the S&P 500 fell 2.97 points or 0.07% to close at 4,207.27.

The prolonged rally in early trade came after the Department of Labor released a report showing an unexpected drop in producer prices in July.

Following Wednesday’s softer-than-expected consumer price data, the report initially added optimism that the Federal Reserve will slow the pace of its interest rate hikes next month.

However, subsequent comments from Fed officials appeared to play down the data, with Chicago Fed Chairman Charles Evans saying inflation remains “unacceptably high.”

Crude oil prices rose sharply on Thursday on rising hopes for energy demand after the International Energy Agency raised its demand outlook. The weakness of the dollar following weak inflation data also contributed to the rise in oil prices. West Texas Intermediate crude futures ended up $2.41 or 2.6% at $94.34 a barrel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

James T. Quintero