FX.co ★ Win Streak May Continue For Singapore Stock Market

The Singapore stock market has risen for three consecutive sessions, gaining nearly 80 points or 2.3 percent. The Straits Times Index (STI) currently stands just above the 3,530-point mark and is anticipated to continue its upward trend on Thursday.

The global outlook for Asian markets is optimistic, buoyed by positive sentiments regarding interest rate forecasts. While European markets showed mixed results, U.S. markets were up, suggesting Asian markets may follow suit.

On Wednesday, the STI experienced modest gains driven by advances in financial shares, property stocks, and industrial sectors. The index climbed 18.50 points or 0.52 percent to close at 3,531.17, hovering between 3,517.56 and 3,536.12 throughout the day.

Among the active stocks, CapitaLand Integrated Commercial Trust rose by 1.42 percent, CapitaLand Investment increased by 2.15 percent, and City Developments edged up by 0.19 percent. Comfort DelGro gained 0.68 percent, DBS Group inched up 0.30 percent, and Emperador rallied by 1.16 percent. Hongkong Land improved by 0.82 percent, Keppel DC REIT advanced 0.93 percent, and Keppel Ltd increased by 0.33 percent. Other notable performers included Mapletree Pan Asia Commercial Trust (up 0.70 percent), Mapletree Industrial Trust (up 0.80 percent), and Oversea-Chinese Banking Corporation (up 0.20 percent). SATS gained 0.54 percent, Seatrium Limited rose 0.64 percent, SembCorp Industries climbed 1.00 percent, Singapore Technologies Engineering advanced 1.35 percent, and SingTel soared by 1.54 percent. Conversely, Venture Corporation fell by 0.22 percent, and Yangzijiang Shipbuilding dropped 2.00 percent. Several stocks, including Thai Beverage, Wilmar International, Yangzijiang Financial, Frasers Logistics & Commercial Trust, DFI Retail Group, Genting Singapore, and Mapletree Logistics Trust, remained unchanged.

Wall Street provided a positive lead as major indexes overcame early losses and finished the day near session highs. The Dow Jones Industrial Average rose by 124.75 points or 0.31 percent to close at 40,861.71, the NASDAQ surged 369.65 points or 2.17 percent to finish at 17,395.53, and the S&P 500 climbed 58.61 points or 1.07 percent to settle at 5,554.13.

The initial decline on Wall Street followed the Labor Department's release of the August consumer price inflation report. Although the report indicated that consumer prices increased in line with economist predictions, core consumer prices rose slightly more than expected.

Stocks initially dropped as the data seemed to reduce the likelihood of a 50-basis-point interest rate cut by the Federal Reserve next week. However, selling pressure eased significantly as the Federal Reserve is still expected to continue lowering rates in the coming months.

Crude oil prices surged on Wednesday, rebounding from a three-year low in the previous session. This rise was attributed to concerns over prolonged production shutdowns in the offshore oil sector due to Hurricane Francine. West Texas Intermediate Crude oil futures for October increased by $1.56 or 2.37 percent, closing at $67.31 per barrel.