Singapore Bourse May Reclaim 5,000-Point Level

(RTTNews) - The Singapore stock market has finished higher in two of three trading days since the end of the three-day losing streak in which it had tanked almost 180 points or 3.5 percent. The Straits Times Index now sits just beneath the 4,990-point plateau and it's expected to open in the green on Friday.

The global forecast for the Asian markets is upbeat after the United States said it would hold off on fresh attacks in Iran. The European and U.S. markets were up and the Asian bourses are expected to follow them to the upside.

The STI finished modestly higher on Thursday following gains from the financial shares and mixed performances from the properties and industrials.

For the day, the index gained 29.25 points or 0.59 percent to finish at 4,988.10 after trading between 4,929.94 and 4,997.56.

Among the actives, CapitaLand Ascendas REIT gained 0.40 percent, while CapitaLand Investment declined 0.78 percent, City Developments shed 0.48 percent, DBS Group climbed 1.25 percent, DFI Retail Group dropped 0.52 percent, Hongkong Land retreated 0.83 percent, Keppel Ltd rose 0.38 percent, Oversea-Chinese Banking Corporation added 0.47 percent, SATS slumped 0.76 percent, Seatrium Limited and Venture Corporation both sank 0.51 percent, Singapore Airlines skidded 0.72 percent, Singapore Exchange jumped 2.53 percent, Singapore Technologies Engineering fell 0.38 percent, SingTel lost 0.47 percent, United Overseas Bank collected 0.48 percent, UOL Group perked 0.10 percent, Wilmar International vaulted 1.43 percent, Yangzijiang Shipbuilding rallied 2.97 percent and Mapletree Pan Asia Commercial Trust, Mapletree Industrial Trust, Mapletree Logistics Trust, Genting Singapore, CapitaLand Integrated Commercial Trust, SembCorp Industries, Thai Beverage, Keppel DC REIT and Frasers Logistics & Commercial Trust were unchanged.

The lead from Wall Street is positive as the major averages opened modestly higher on Thursday but accelerated late in the day to finish sharply higher.

The Dow soared 929.97 points or 1.86 percent to finish at 60,848.75, while the NASDAQ rallied 640.16 points or 2.54 percent to end at 25,809.66 and the S&P 500 jumped 127.31 points or 1.75 percent to end at 7,394.30.

The late-day rally on Wall Street came as crude oil prices plunged after President Donald Trump called off previously announced attacks against Iran.

Bargain hunting also contributed to the surge following the weakness seen during Wednesday's session, which dragged the NASDAQ and S&P 500 down to their lowest closing levels in a month.

Meanwhile, traders seemed to shrug off a report from the Labor Department showing producer prices increased by more than expected in May.

Crude oil prices plunged on Thursday after Trump recalled his earlier orders to attack Iran. West Texas Intermediate crude for July delivery was down $2.81 or 3.12 percent at $87.22 per barrel.