The Singapore stock market is anticipated to extend its recent upward trend today, following two consecutive sessions of gains that saw the Straits Times Index (STI) rise by nearly 20 points, or 0.6 percent. The index now sits at 3,604.95, with expectations for further gains on Friday, buoyed by mixed to positive global market forecasts.
The global outlook for Asian markets is slightly optimistic, driven by strong earnings reports from major US companies. European markets closed higher, while US bourses ended mixed. This combination suggests that Singapore's market could see modest gains.
On Thursday, the STI rose by 4.17 points or 0.12 percent, supported by financial stocks. However, property stocks underperformed, and industrials gave a mixed performance. Key movers included DBS Group and Wilmar International, both adding 0.31 percent, and ComfortDelGro, which shed 0.68 percent. Keppel Ltd surged 1.41 percent, while Hongkong Land dropped 1.99 percent.
Globally, the tech-heavy Nasdaq index in the US climbed by 0.76 percent, led by strong earnings from companies like Tesla and UPS. In contrast, the Dow Jones Industrial Average fell 0.33 percent, weighed down by weaker earnings from IBM, Honeywell, and Boeing. Oil prices also slipped, with US West Texas Intermediate crude futures falling 0.8 percent to US$70.19 per barrel, due to concerns about oversupply and weaker demand from China.
Locally, Singapore will release its third-quarter unemployment data and industrial production figures for September later today, which could provide further market direction.
RTTNews
