The Singapore stock market has posted losses for two consecutive sessions, slipping almost 20 points or 0.6% over that span. The Straits Times Index (STI) now hovers just below the 3,740-point mark, though it is expected to find support on Friday.
The STI closed slightly lower on Thursday, weighed down by declines in property and industrial stocks, while the financial sector saw mixed performances. The index shed 4.42 points or 0.12% to finish at 3,739.22, after trading between 3,736.16 and 3,751.25.
Key performers included DBS Group, which rose 0.83%, and Singapore Technologies Engineering, up 0.88%. Meanwhile, SingTel tumbled 2.24%, Genting Singapore dropped 1.94%, and CapitaLand Investment slid 1.41%. Other actives included Yangzijiang Shipbuilding, which gained 0.75%, and Mapletree Logistics Trust, which added 0.80%.
Global Markets and Economic Indicators
Wall Street provided a positive lead as major indices reversed early losses to close higher. The Dow Jones Industrial Average surged 461.88 points or 1.06% to 43,870.35, while the NASDAQ edged up 6.28 points or 0.03% to 18,972.42. The S&P 500 advanced 31.60 points or 0.53% to settle at 5,948.71.
The Dow's gains were bolstered by strong performances from IBM, Sherwin-Williams, and Salesforce. However, the NASDAQ struggled for direction as Nvidia's upbeat Q3 results raised concerns about slowing revenue growth.
In US economic data, initial jobless claims dropped unexpectedly to their lowest level in over six months, while the Conference Board's leading economic index fell more than anticipated in October.
Oil Prices and Local Data
Oil prices climbed higher on Thursday, with West Texas Intermediate crude futures for December rising US$1.35 or 1.96% to US$70.10 per barrel. The increase was driven by geopolitical tensions stemming from the Russia-Ukraine war, overshadowing reports of ample supply.
In Singapore, attention will turn to Q3 GDP figures expected later today. In the previous quarter, GDP rose 4.1% year-on-year. The release will provide further insight into the local economic trajectory amid a mixed global outlook.
RTTNews
