FX.co ★ Higher Open Expected For Singapore Stock Market

After two days of losses and a subsequent faltering recovery, the Singapore stock market fell once more, with the Straits Times Index (STI) hovering just below the 3,140-point mark. Despite this slip, projections suggest a positive opening for the market on Thursday.

Across the globe, Asian markets are predicted to respond positively, following an apparent market correction in the previous trading session. This comes on the tail of encouraging results from European and US markets.

Wednesday's STI results were influenced by declines in the property sector, bolstered however by a strong industrial sector and mixed results from the finance industry. The STI fell by 2.80 points, or 0.09 percent, closing at 3,139.07 after fluctuating between 3,092.40 and 3,142.08.

Highlighting the market activity, Ascendas REIT and Mapletree Pan Asia Commercial Trust both recorded a 0.73 percent decline. Meanwhile, there was a 1.32 percent stumble for CapitaLand Integrated Commercial Trust, and CapitaLand Investment lost 0.70 percent. In contrast, Emperador's shares increased by 1.98 percent, Keppel DC REIT's offerings strengthened by 1.15 percent, and Mapletree Logistics Trust saw a 0.67 percent rise.

From Wall Street, the major averages ended Wednesday on a positive note, finishing close to the session highs. The Dow rose by 151.52 points, or 0.40 percent, closing at 38,424.27, while the NASDAQ rallied by 203.55 points, or 1.30 percent, ending at 15,859.15. The S&P 500 also improved, gaining 47.45 points, or 0.96 percent, to close at 5,000.62.

Tuesday's significant sell-off was seen as a buying opportunity by many traders, who maintained their faith in the market's long-term outlook. Despite a more robust-than-expected inflation data curbing the hopes for interest rate cuts, signs of sustained economic strength are expected to benefit stock markets. It's also anticipated that the Federal Reserve will initiate interest rate cuts in the coming months.

However, oil futures broke their seven-day winning run due to a surge in crude stockpiles in the U.S last week. The West Texas Intermediate Crude oil futures for March ended down $1.23 or about 1.6 percent at $76.64 a barrel.