Singapore Shares May Run Out Of Steam On Thursday

(RTTNews) - The Singapore stock market has tracked higher in three straight sessions, collecting almost 25 points or 0.5 percent along the way. The Straits Times Index now sits just above the 5,215-point plateau although the rally may stall on Thursday.

The global forecast for the Asian markets is slightly soft, with selling pressure among the technology stocks likely to tip the markets into the red. The European and U.S. bourses were mostly lower and the Asian markets figure to follow that lead.

The STI finished slightly higher on Wednesday following gains from the property stocks, weakness from the financials and a mixed picture from the industrial companies.

For the day, the index added 10.25 points or 0.20 percent to finish at 5,215.99 after trading between 5,198.65 and 5,232.19.

Among the actives, CapitaLand Ascendas REIT gained 0.40 percent, while CapitaLand Integrated Commercial Trust spiked 2.16 percent, CapitaLand Investment lost 0.40 percent, City Developments rose 0.25 percent, DBS Group dipped 0.11 percent, Hongkong Land surged 2.53 percent, Keppel DC REIT jumped 1.79 percent, Keppel Ltd expanded 0.81 percent, Mapletree Pan Asia Commercial Trust advanced 0.78 percent, Oversea-Chinese Banking Corporation shed 0.48 percent, SATS vaulted 1.15 percent, Seatrium Limited declined 1.49 percent, SembCorp Industries climbed 1.09 percent, Singapore Airlines rallied 1.76 percent, Singapore Exchange fell 0.25 percent, Singapore Technologies Engineering dropped 0.65 percent, SingTel strengthened 1.38 percent, Thai Beverage soared 2.30 percent, United Overseas Bank perked 0.15 percent, UOL Group added 0.41 percent, Venture Corporation eased 0.06 percent, Wilmar International slumped 0.80 percent, Yangzijiang Shipbuilding sank 0.56 percent and Mapletree Industrial Trust, Mapletree Logistics Trust, Genting Singapore and DFI Retail Group were unchanged.

The lead from Wall Street is murky as the major averages opened higher on Wednesday but couldn't hold the gains, finally finishing mixed.

The Dow climbed 182.06 points or 0.35 percent to finish at 51,848.90, while the NASDAQ slumped 110.40 points or 0.43 percent to close at 25,476.63 and the S&P 500 slipped 7.24 points or 0.10 percent to end at 7,358.22.

The weakness that emerged on Wall Street, and especially the tech-heavy NASDAQ, was the result of renewed selling among semiconductor stocks over artificial intelligence infrastructure concerns.

The early strength came despite some uncertainty surrounding the US-Iran peace deal amid disagreements between the two nations over a few key terms of the pact.

A slide in crude oil prices also spurred the markets higher as West Texas Intermediate crude for August delivery tumbled $2.87 or 3.92 percent to $70.34 per barrel as shipping traffic picks up across the Strait of Hormuz.

In economic news, data from the Commerce Department showed sales of new single-family homes in the US tumbled 7.3 percent month-over-month in May to the lowest annualized rate of 580,000, following an upwardly revised 626,000 in April.